Funding · Commerce & Consumer Brands
Palmonas raises $40 million for store expansion
By Startup Enthusiast ·
- Date
- Company
- Palmonas
- What it does
- Omnichannel demi-fine jewellery brand
- Kind
- Funding
- Amount
- $40 Mn
- Stage
- Series B
- Founded
- 2022
What they do
Palmonas sells demi-fine jewellery made from stainless steel and silver
What happened
The company raised $40 million led by Xponentia Capital and Vertex Growth Fund, with participation from Vertex Ventures SE Asia & India
Why it matters
All 60 stores are profitable with no cashburn flags on operations
The details
- Palmonas has closed a $40 million Series B funding round.
- Xponentia Capital and Vertex Growth Fund led the investment.
- Vertex Ventures SE Asia & India participated as an existing investor.
- PwC India served as the exclusive financial advisor for the deal.
- The funds will be used to expand its offline retail presence.
- Palmonas plans to scale its retail operations aggressively over the next 12 months.
- The company currently operates 60 stores across its network.
- Every single store is reported to be profitable without cashburn.
The bigger picture
- Founder Mohadikar and Amol Patwari started the company in 2022.
- Actor Shraddha Kapoor joined as a co-founder later in the journey.
- The fashion jewellery segment is gaining traction via social media influence.
- Lab-grown diamond brands like True Diamond and Jewelbox gained traction in 2025.
- Online jewelry market is expected to reach $69.68 billion by 2030.
About the business
- Palmonas operates as an omnichannel jewellery brand.
- It specializes in demi-fine jewellery products.
- Materials include surgical stainless steel and sterling silver.
- Products feature an 18K gold vermeil finish.
- The brand focuses on expanding its physical store footprint.
- Current store count stands at 60 locations.
- Business model ensures every store remains profitable.
- No cashburn flagships or flex stores are maintained.
- Digital payment adoption drives online market growth.
What happens next
- Expand offline presence aggressively.
- Scale retail operations in the next 12 months.
The deal
- Type
- Series B
Investors
- Xponentia Capital (lead)
- Vertex Growth Fund (lead)
- Vertex Ventures SE Asia & India (participated) — Existing investor participating again.
Founders
- Mohadikar, Co-founder
- Amol Patwari, Co-founder
- Shraddha Kapoor, Co-founder
About Palmonas
- Product
- fine jewellery startup
- Customers
- Consumers buying demi-fine and everyday jewellery
- How it makes money
- Sells jewellery through online channels and physical stores, generating revenue from direct consumer sales
- What sets it apart
- Offers affordable demi-fine jewellery positioned between fashion and fine jewellery
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