Palmonas Raises ₹55 Crore in Series A Funding: Shraddha Kapoor Says, “Jewellery Should Feel Like a Second Skin”
The Indian jewellery sector, long rooted in traditions of weddings, dowries, and investment portfolios, is undergoing a subtle yet powerful transformation. A younger generation of buyers, digitally savvy, fashion-conscious, and looking for self-expression, is reshaping how jewellery is consumed and worn. Riding this wave of change is Palmonas, a demi-fine jewellery brand co-founded by Bollywood star Shraddha Kapoor, which has just raised ₹55 crore in Series A funding, led by Vertex Ventures Southeast Asia & India.
The announcement is more than a financial milestone. It reflects how the brand’s philosophy—jewellery as an everyday essential rather than an occasional luxury is finding strong resonance in modern India.
The Palmonas Journey: From Concept to Cultural Shift
Palmonas was founded in 2022 by Pallavi Mohadikar and Amol Patwari, who recognized a glaring gap in India’s jewellery market. On one end, traditional fine jewellery dominated by gold, diamonds, and family jewellers; on the other, cheap fast-fashion accessories that lacked durability and safety. What was missing was a middle ground jewellery that was stylish, premium, affordable, and practical for everyday wear.
Enter demi-fine jewellery, a category popular in Western markets but underexplored in India. Crafted with materials like surgical stainless steel, sterling silver, and 18K gold vermeil, demi-fine jewellery offers a balance of elegance, affordability, and durability. Palmonas positioned itself precisely here, creating pieces that were waterproof, tarnish-resistant, hypoallergenic, and fashion-forward.
The brand’s tagline could easily be Shraddha Kapoor’s philosophy: jewellery that feels like a second skin, effortless, versatile, and integral to one’s daily routine.
Since its launch, Palmonas has fulfilled over 6.5 lakh orders, proving that this new segment isn’t just a niche but a rapidly expanding consumer category.
Shraddha Kapoor: From Brand Face to Co-Founder
In March 2024, Shraddha Kapoor officially came on board as co-founder. Unlike celebrity endorsements that often remain skin-deep, Kapoor has actively shaped Palmonas’ brand identity. She positions herself not just as a co-owner but as a consumer-voice within the leadership team, helping Palmonas build products that resonate emotionally with women across India.
In her statement following the latest funding, Kapoor explained:
“Jewellery should feel like a second skin—beautiful, effortless, and part of your everyday life. Palmonas was born from the belief that jewellery should not be reserved for special occasions but woven into our daily story.”
Her words cut to the heart of Palmona’s differentiation. In a country where jewellery is often tied to rituals and family wealth, Kapoor reframes it as personal style, identity, and confidence.
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The Funding Round: ₹55 Crore to Accelerate Growth
Palmonas’ Series A funding of ₹55 crore was led by Vertex Ventures SEAI, with participation from existing investors. This follows earlier funding rounds, including:
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₹6 crore angel investment (2023)
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₹1.26 crore on Shark Tank India (Feb 2025) from Namita Thapar and Ritesh Agarwal, valuing the company at ₹126 crore.
The new funds will enable Palmonas to:
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Expand Retail Presence – Palmonas plans to open 100 physical stores in 12 months, spanning malls, high-street outlets, and airports. This aggressive offline push will complement its online dominance, cementing an omnichannel strategy.
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Enhance Product Lines – While the current focus is on 9K gold and stainless steel collections, the brand will expand into lab-grown diamonds—a sustainable, affordable alternative to mined stones.
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Strengthen Design & Supply Chain – From trend-forecasting design labs to faster logistics, Palmonas will invest in making jewellery innovation seamless and scalable.
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Drive Brand Equity Nationwide – With Shraddha Kapoor as a co-founder, Palmonas is leveraging storytelling and lifestyle branding to build emotional resonance.
A Growing Market for Everyday Luxury
India’s jewellery market is massive, valued at over $80 billion, but overwhelmingly traditional. About 85% of jewellery sales are offline, and most purchases are tied to weddings and festive occasions. Yet, urban youth, especially millennials and Gen Z, are driving a cultural shift.
This generation values:
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Affordable luxury – Elegant but accessible.
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Practicality – Jewellery that’s waterproof, tarnish-free, and wearable daily.
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Self-expression – Beyond tradition, jewellery as a style statement.
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Sustainability – Ethical sourcing and lab-grown alternatives.
Palmonas is positioning itself at this crossroads, effectively creating a new jewellery category that could capture millions of young customers in India and abroad.
Competitive Landscape
The rise of direct-to-consumer jewellery brands has changed the industry’s dynamics. Competitors like CaratLane, Bluestone, GIVA, Amama, and Kushal’s are innovating in their own niches.
However, Palmona differentiates itself with:
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Category Leadership in demi-fine jewellery (rather than traditional fine or disposable fashion jewellery).
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Celebrity Co-founder Influence, giving it a strong brand recall.
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Hybrid Retail Strategy (digital-first with rapid offline expansion).
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Emotional Branding – not just selling jewellery, but selling a lifestyle and philosophy.
Financial Performance
Despite being in early stages, Palmonas’ growth trajectory is strong.
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FY 2023 Revenue: ₹3.83 crore
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FY 2024 Revenue: ₹5.38 crore
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Net Loss (FY 2024): ₹1.24 crore
While not yet profitable, the revenue growth rate (40%+) combined with Series A funding suggests Palmonas is on track to achieve profitability at scale in the coming years.
Investor Confidence
Vertex Ventures’ participation highlights confidence in the brand’s vision and scalability. In their statement, the firm emphasized that Palmonas is uniquely placed to own the demi-fine jewellery category in India, with the potential to replicate success in other geographies.
The investors also cited Shraddha Kapoor’s co-founder role as a key differentiator—blending consumer insight, star power, and business ambition into a single growth engine.
Beyond Fashion: A Cultural Revolution
Palmonas isn’t just selling jewellery, it’s reshaping cultural norms. Traditionally, Indian jewellery has been locked in safes, passed through generations, and bought mainly for weddings. By encouraging jewellery as a daily accessory, Palmonas is challenging centuries of conditioning.
This cultural reframing matters, especially to young women. Jewellery becomes:
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A way to celebrate individuality rather than family traditions.
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A form of empowerment and self-purchase, independent of weddings.
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A daily expression of identity instead of a rare indulgence.
The Road Ahead
With ₹55 crore in fresh capital, Palmonas has set ambitious targets:
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Open 100 offline stores in India within a year.
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Diversify collections into demi-fine gold and lab-grown diamonds.
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Establish a global footprint, starting with Southeast Asia and the Middle East.
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Deepen customer engagement through social media, influencer marketing, and experiential retail.
If successful, Palmonas could emerge not just as a brand, but as the flagbearer of India’s demi-fine jewellery movement.
Conclusion
Palmonas’ ₹55 crore Series A raise is not just a funding story, it’s the story of an industry in transition. With a clear vision, a powerful celebrity co-founder, and investor backing, Palmonas is redefining jewellery for a generation that values affordability, style, and everyday luxury.
Shraddha Kapoor’s statement, “Jewellery should feel like a second skin,” captures this transformation perfectly. In the years ahead, Palmonas may well prove that luxury need not be rare or locked away, but can be worn every day, lived in, and loved as part of one’s personal story.
As it scales to 100 stores and beyond, Palmonas is not merely building a business; it is building a movement.
