Palmonas Series B Raises $40M for Retail Expansion

The Palmonas Series B raised $40 million to expand the jewellery brand’s stores and product portfolio.

Demi-fine jewellery startup Palmonas has officially secured $40 million (approx. ₹373 crore) in a Series B funding round. The investment was led by Xponentia Capital and Vertex Growth Fund, with continued participation from existing investor Vertex Ventures Southeast Asia & India.

The massive capital infusion follows a period of “meteoric” growth for the Pune-based brand, which has successfully bridged the gap between expensive 22k gold and low-quality imitation jewellery.

1. Financial Snapshot: From Lakhs to Crores

The Series B round comes on the heels of Palmonas reporting one of the fastest revenue growth stories in the Indian D2C sector.

Metric	FY24	FY25 (Actual)	Growth
Operating Revenue	₹97 Lakh	₹39 Crore	↑ 40x
Net Profit	(Loss)	₹4.3 Crore	Profitable
Series B Valuation	—	~₹1,950 Crore	↑ 3.8x (vs Prev Round)

2. The Shraddha Kapoor Factor

A key driver of the brand’s rapid scaling has been its unique celebrity partnership. Unlike traditional brand ambassadors, Bollywood actor Shraddha Kapoor joined Palmonas as a Co-founder in March 2024.

Equity Alignment: Kapoor holds a significant stake in the company and is reportedly involved in creative direction and strategic brand positioning.
Trust Factor: Her association has been credited with giving the brand the “fine jewellery” credibility needed to sell sterling silver and 18K gold vermeil products at premium price points.

3. Expansion Strategy: 100+ Stores

The $40 million will be primarily deployed to transform Palmonas into a dominant omnichannel player.

Offline Blitz: The brand plans to expand from its current 60 stores to over 100 retail outlets across India by the end of 2027.
Profitable Retail: Co-founder Shraddha Kapoor emphasized that the expansion is built on “solid fundamentals,” noting that every existing Palmonas store is already profitable.
New Categories: Having recently entered the 9KT gold segment, the brand plans to use the funds to further diversify its design portfolio into modern mangalsutras, daily-wear rings, and “scientific” anti-tarnish collections.

4. The Funding Journey

Palmonas has navigated the Indian startup ecosystem with high efficiency, moving from a niche Shark Tank appearance to a major Series B in just two years.

Angel Round: Raised ₹6 crore from early backers.
Shark Tank India (Season 4): Secured ₹1.26 crore from Namita Thapar and Ritesh Agarwal.
Series A: Raised ₹55 crore led by Vertex Ventures in mid-2025.
Series B: The current $40 million round led by Xponentia and Vertex Growth.

5. Market Context: The Demi-Fine Boom

The investment signals strong VC confidence in the “Demi-Fine” category—jewellery made from precious metals (like sterling silver) but priced affordably for daily use.

Consumer Shift: As gold prices remain volatile (hovering near record highs), urban Indian consumers are increasingly “trading down” from traditional 22k gold to demi-fine alternatives that offer a similar aesthetic without the prohibitive cost.
Competitive Edge: Palmonas currently competes with brands like Giva and BlueStone, but its “co-founder” model with Shraddha Kapoor and its 40x revenue jump have made it the standout performer of the 2026 fiscal year.