India: Homegrown demi-fine jewellery brand Palmonas has expanded its retail footprint with three new store openings in Hyderabad, Delhi-NCR and Kolkata. The launches mark another step in the brand’s fast-paced offline growth journey as it continues to build a stronger omnichannel presence across India.
Founded in 2022 by Pallavi Mohadikar and Amol Patwari, with actor Shraddha Kapoor later joining as co-founder, Palmonas operates in the demi-fine jewellery segment. This category sits between mass-market fashion accessories and traditional fine jewellery, offering premium materials and finishes at more accessible price points.
Palmonas jewellery is crafted using surgical stainless steel and sterling silver, finished with 18K gold vermeil. The brand positions its pieces as waterproof, tarnish-resistant and hypoallergenic, making them suitable for everyday wear.
The brand has also expanded into higher-value jewellery with its 9kt gold line paired with lab-grown diamonds. This offering is aimed at younger consumers who want real gold and diamond-led jewellery without the pricing structure of conventional fine jewellery.
Palmonas’s retail expansion has been supported by strong capital backing and a focus on profitability. In April 2026, the company raised ₹373 crore in a Series B round led by Xponentia Capital, following a ₹55 crore Series A round in 2025. The brand has reported FY25 revenue of around ₹39 crore and a net profit of approximately ₹4.3 crore.
The company has stated that all its stores are profitable, giving its offline growth a stronger business foundation at a time when many direct-to-consumer brands are still balancing scale with profitability.
Palmonas first gained wider national visibility after its appearance on Shark Tank India, where it secured ₹1.26 crore from investors Namita Thapar and Ritesh Agarwal. That exposure, combined with Shraddha Kapoor’s association with the brand, helped strengthen consumer recall and accelerate its retail journey.
The brand now operates through an omnichannel model, combining its online business with a growing network of physical stores across malls, high streets and airports. Its recent expansion has included markets such as Vellore, Bengaluru, Belagavi, Kochi, Thrissur, Delhi, Bhopal, Udaipur, Jaipur, Patna, Lucknow, Chennai and Kolkata.
With its latest openings in Hyderabad, Delhi-NCR and Kolkata, Palmonas is strengthening its reach across both metro and emerging urban markets. The brand is also working towards a larger retail target, with plans to build a 100-store network.
Co-founder Shraddha Kapoor has positioned the brand’s growth as fundamentals-led, with a focus on profitable retail stores rather than only visibility-driven flagship expansion.
The latest store launches highlight the brand’s confidence in physical retail and its ability to connect with younger consumers looking for everyday jewellery that combines style, durability, affordability and premium appeal.
