PALMONAS has raised $40M (~₹373 Cr) in a Series B round led by Xponentia Capital and Vertex Growth Fund, with participation from Vertex Ventures SE Asia & India.

Founded by Pallavi Mohadikar and Dr Amol Patwari, 2022

The startup operates in the demi-fine jewellery segment, bridging fast fashion and fine jewellery.

Revenue surged 40× to ₹39 Cr in FY25, with 60 profitable stores across India.

Key highlights:

• Strong D2C + offline retail expansion
• Backed by top-tier investors

Why this matters:

Demi-fine jewellery is emerging as a high-growth category in India.

:

Can demi-fine brands disrupt traditional jewellery markets?