Palmonas raises Rs 55 crore in funding; co-founder Shraddha Kapoor says, 'Jewellery should feel like...'

Palmonas, a Shark Tank India-featured demi-fine jewellery brand, has raised Rs 55 crore in a Series A funding round led by Vertex Ventures SEAI.

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Founded in 2022 by Shraddha Kapoor, Amol Patwari and Pallavi Mohadikar, Palmonas is creating design-led, high-quality jewellery that fits seamlessly into the daily lives of modern consumers.

Built to bridge the gap between fast fashion and fine jewellery, its waterproof and skin-safe pieces combine fine craftsmanship with everyday practicality.

The brand claims to have fulfilled over 6.5 lakh orders and will now focus on strengthening its signature 9kt gold demi-fine collection, open 100 new stores in the next 12 months, and double down on its best-selling categories.

“Jewellery should feel like a second skin, beautiful, effortless and part of your everyday life. Palmonas was born from the belief that jewellery should be part of your daily story and not locked away for special occasions. This investment means we can take that belief to every corner of India, and eventually, the world,” said Shraddha Kapoor.

“Ten days after the idea of Palmonas was born, we launched our first collection. That same spirit of speed, ambition, and customer obsession drives us today. With this capital, we’re ready to expand faster, design bolder, and bring Palmonas into the everyday lives of millions. Our customers have shaped Palmonas into what it is today, they told us what they wanted, and we built it. This funding will allow us to double down on that promise: more innovation, more designs, and a seamless shopping experience across every touchpoint,” said Pallavi Mohadikar, CEO & Co-Founder, Palmonas.

“Palmonas is redefining what jewelry means for the modern Indian consumer. The founders have demonstrated incredible execution on the brand, the designs and the products. We’re excited to support their journey as they scale nationally and take their category-defining products to global markets.” Kanika Mayar, Partner, Vertex Ventures SEA & India.

In February this year, the brand was valued at Rs 126 crore after raising Rs 1.26 crore from Namita Thapar and Ritesh Agarwal during Shark Tank India Season 4.

Prior to this, it had closed an angel funding round of Rs 6 crore. In March 2024, Shraddha Kapoor joined as co-founder.