Palmonas Secures $40 Million in Series B Funding from Xponentia Capital and Vertex Growth Fund
Jewellery startup Palmonas has successfully raised $40 million in a Series B funding round led by Xponentia Capital and Vertex Growth Fund. This investment marks a significant milestone for the company, which aims to expand its offline presence across India. The funding round also saw participation from existing investor Vertex Ventures SE Asia & India, highlighting continued confidence in Palmonas’ growth trajectory.
### Company and Product
Founded in 2022 by Mohadikar and Amol Patwari, with actor Shraddha Kapoor joining as a cofounder, Palmonas has positioned itself as an omnichannel jewellery brand specializing in demi-fine jewellery. The company offers products crafted from surgical stainless steel and sterling silver with an 18K gold vermeil finish, bridging the gap between affordable fashion accessories and high-end fine jewellery. With just 60 stores, Palmonas has already achieved profitability across its retail outlets, a notable accomplishment in a competitive market. Kapoor emphasized the company’s commitment to scaling its retail operations without resorting to cash-burning strategies.
### Context and Competition
The fashion jewellery segment in India is experiencing increased consumer interest, driven by social media influence and evolving consumer preferences. While lab-grown diamond jewellery has dominated the space, with brands like True Diamond and Jewelbox attracting significant investments, Palmonas is carving out a niche in the demi-fine category. The recent funding round follows a ₹55 crore Series A raise in August 2025, which was aimed at strengthening the company’s portfolio and expanding into new categories. The broader online jewellery market is projected to reach $69.68 billion by 2030, fueled by the growing adoption of digital payments, according to a Technavio report.
### Implications for India’s Startup Ecosystem
Palmonas’ successful funding round underscores the potential of India’s jewellery market and the attractiveness of niche segments within it. The investment from prominent funds like Xponentia Capital and Vertex Growth Fund signals a strong interest in companies that combine traditional retail with innovative product offerings. As Indian startups continue to navigate a challenging funding environment, Palmonas’ focus on profitability and sustainable growth offers a blueprint for others in the ecosystem. The company’s expansion plans could further stimulate the retail sector, creating opportunities for employment and boosting local economies.
Looking ahead, Palmonas plans to leverage the new capital to aggressively expand its retail footprint across India. With a focus on maintaining profitability, the company aims to solidify its presence in the jewellery market and capture a larger share of the growing consumer base. As it scales, Palmonas will likely continue to attract attention from investors and industry watchers, setting the stage for further developments in the coming months.
