Mumbai: After a recent revenue leap, jewellery startup Palmonas has reported another significant achievement, securing $40 million (₹373 crore) in a Series B funding round led by Xponentia Capital and Vertex Growth Fund, with participation from existing investor Vertex Ventures SE Asia & India, according to reports.
Palmonas has not officially disclosed the funding details; however, PwC India announced that it served as the exclusive financial advisor to the company for this round.
While there has been no official announcement, the brand’s co-founder Shraddha Kapoor’s recent LinkedIn post suggests the funding. In the post, she writes, “With just 60 stores, a significant chunk of our revenue already comes from retail. Over the next 12 months, we intend to scale this even more aggressively. And here’s the part we’re most proud of: every store is profitable! No cash burn, no flagships, flex stores, or value stores. Just solid fundamentals.”
Founded in 2022 by Pallavi Mohadikar and Dr Amol Patwari, the brand associated with its star partner Shraddha Kapoor in late 2023 after the actress discovered the brand on Instagram, with the partnership formalised in 2024.
At present, Palmonas is expanding rapidly, extending its consumer base from demi-fine jewellery into 9K gold.
