India’s jewellery industry is no longer just about gold and heirlooms—it’s evolving into a space driven by style, accessibility, and everyday wear. At the center of this shift is Palmonas, which has just raised $40 million (₹373 crore) in a Series B funding round.
Backed by Xponentia Capital and Vertex Growth Fund, with participation from Vertex Ventures, this funding marks a defining moment for the brand. More importantly, it highlights how India’s new-age jewellery startups are blending celebrity influence, smart pricing, and profitability to build scalable businesses.
And in Palmonas’ case, it’s working.
The New Jewellery Trend: Why Demi-Fine Is Booming
For decades, jewellery in India was synonymous with gold—expensive, occasion-driven, and often locked away for safekeeping. But today’s consumers, especially millennials and Gen Z, want something different.
They’re looking for jewellery that is:
- Stylish yet durable
- Premium yet affordable
- Trendy yet timeless
This is where demi-fine jewellery comes in.
Positioned between fashion jewellery and fine jewellery, demi-fine offers the best of both worlds. And Palmonas has built its entire identity around this sweet spot—using sterling silver, stainless steel, 18K gold plating, and even lab-grown diamonds to create pieces that feel luxurious without being out of reach.
The Founders: A Blend of Business, Science, and Star Power
Palmonas was founded in 2022 by three individuals who bring very different strengths to the table:
- Pallavi Mohadikar, a former Flipkart and Myntra executive who understands fashion retail and scaling brands
- Dr. Amol Patwari, who brings a scientific approach to materials and product innovation
- Shraddha Kapoor, who adds not just visibility but creative direction to the brand
Unlike many celebrity-backed labels, Shraddha Kapoor is deeply involved in the brand’s journey. From influencing product designs to shaping campaigns, her role goes far beyond being the face of Palmonas.
This hands-on involvement has helped the brand feel more authentic—and that matters to today’s consumers.
From Startup to Profitable Brand in Just Three Years
Palmonas’ growth story is one of the most impressive in India’s D2C space.
- FY24 revenue: ₹97 lakh
- FY25 revenue: ₹39 crore
- Profit: ₹4.3 crore
That’s a more than 40x jump in revenue within a year—while also turning profitable.
In a startup ecosystem where profitability is often delayed, this achievement stands out. It shows that Palmonas isn’t just growing fast—it’s growing smart.
What’s Driving Palmonas’ Rapid Growth?
1. A Strong Omnichannel Strategy
Palmonas has built a balanced presence across online and offline channels.
- 60% of sales come from its D2C platform and online marketplaces
- 40% comes from offline touchpoints like pop-ups and curated retail
Its presence on platforms like Nykaa and Myntra has significantly boosted visibility and accessibility.
2. Products Designed for Everyday Wear
Unlike traditional jewellery, Palmonas focuses on pieces that can be worn daily—without worrying about damage or tarnishing.
Its nano-coating technology ensures durability, while hypoallergenic materials make it suitable for all skin types.
3. Personalization That Builds Loyalty
From engraved pieces to mix-and-match sets, Palmonas offers customization options that resonate strongly with younger consumers.
This has helped drive repeat purchases to around 35%—a strong indicator of brand loyalty.
4. Celebrity Influence Done Right
Shraddha Kapoor’s massive social media reach gives Palmonas an undeniable advantage. But what makes it effective is how naturally the brand integrates into her lifestyle—making promotions feel less like ads and more like authentic recommendations.
Profitability: The Brand’s Biggest Strength
In a market where many D2C brands struggle with high customer acquisition costs and thin margins, Palmonas stands out for its strong fundamentals.
- Gross margins above 65%
- Customer acquisition cost under ₹500
- Lifetime customer value above ₹5,000
This efficiency comes from:
- In-house manufacturing in Jaipur and Surat
- Strong control over supply chains
- Focused product strategy
By cutting out middlemen and optimizing operations, the brand has built a model that is both scalable and sustainable.
How the $40M Funding Will Be Used
The newly raised capital is not just about growth—it’s about accelerating the brand’s vision.
Offline Expansion
Palmonas plans to open 50 flagship stores across major cities like Delhi, Mumbai, Pune, Hyderabad, and Chennai by FY27.
Entering Tier 2 and Tier 3 Markets
Through franchise partnerships, the brand aims to reach smaller cities—where demand for affordable luxury is rising rapidly.
Technology Upgrades
Investments in AI-driven inventory systems and AR try-ons will enhance customer experience and streamline operations.
International Expansion
Markets like the UAE and the US are on the radar, positioning Palmonas as a global Indian jewellery brand.
Marketing Push
Expect bigger campaigns, influencer collaborations, and stronger brand visibility across digital and offline channels.
The Competitive Edge: Why Palmonas Stands Out
Palmonas isn’t the only player in this space, but it has managed to carve a distinct identity.
Durable, Tarnish-Resistant Jewellery
Its technology ensures longevity—something most fashion jewellery brands struggle with.
Sustainability Focus
Use of recycled silver and lab-grown diamonds aligns with the values of conscious consumers.
Trend-First Designs
From minimalist hoops to layered necklaces, the brand stays ahead of fashion trends.
Accessible Luxury Positioning
It offers a premium feel without intimidating price tags—making it ideal for everyday wear.
Industry Trends Supporting Growth
India’s jewellery market is undergoing a major shift:
- Rising gold prices are pushing consumers toward alternatives
- Younger buyers prefer lightweight, versatile jewellery
- Social media is influencing buying decisions more than ever
- Demand for ethical and sustainable products is growing
These trends are creating the perfect environment for demi-fine brands to thrive.
Challenges Ahead
While the future looks promising, Palmonas will need to navigate a few challenges:
- Fluctuating raw material prices
- Risk of counterfeit products
- Complexity of scaling offline retail
- Maintaining brand identity during rapid expansion
How the brand manages these factors will determine its long-term success.
What’s Next for Palmonas?
With strong momentum and fresh funding, Palmonas is entering a crucial growth phase. The brand is targeting ₹500 crore in revenue by FY27 and has long-term ambitions that could include an IPO.
If it continues on this trajectory, Palmonas could emerge as one of India’s most successful jewellery startups—challenging even legacy players in the industry.
Final Thoughts: A Brand Built for the Modern Consumer
Palmonas represents a new era of jewellery in India—one that prioritizes style, accessibility, and everyday usability.
By combining:
- Smart pricing
- Strong branding
- Celebrity influence
- Operational efficiency
the brand has created a powerful formula for success.
The $40 million funding round is not just a milestone—it’s a signal that the future of jewellery is changing.
And if Palmonas continues to execute well, it won’t just ride this wave—it could very well lead it.
