PwC India announced that it served as exclusive financial advisors to Palmonas on their $40 Mn Series B fundraise
Cofounder and actor Shraddha Kapoor said that the intended use of the fresh capital would be to expand the startup’s offline presence
Palmonas previously raised ₹55 Cr in a Series A round in August 2025, to strengthen its portfolio, expand its offline presence and enter new categories
Jewellery startup Palmonas has secured $40 Mn (₹373 Cr) in a Series B funding round led by Xponentia Capital and Vertex Growth Fund, with participation from existing investor Vertex Ventures SE Asia & India.
In a post on LinkedIn, PwC India announced that it served as exclusive financial advisors to Palmonas on their $40 Mn Series B fundraise. The startup hasn’t officially disclosed the amount of the funds netted or their intended use.
In a post on LinkedIn, cofounder and actor Shraddha Kapoor said that the intended use of the fresh capital would be to expand the startup’s offline presence.
“With just 60 stores, a significant chunk of our revenue already comes from retail. Over the next 12 months we intend to scale this even more aggressively. And here’s the part we are most proud of: every store is profitable. No cashburn-flagships-flex-value stores. Just solid fundamentals,” Kapoor said.
Inc42 has reached out to Palmonas for comments on the development. The story will be updated based on their response.
Founded in 2022 by Mohadikar and Amol Patwari, with Kapoor later joining as cofounder, Palmonas is an omnichannel jewellery brand specialising in demi-fine jewellery made from surgical stainless steel and sterling silver with 18K gold vermeil finish.
For context, demi-fine jewellery bridges the gap between affordable fashion accessories and high-end fine jewellery, offering high-quality jewelry at accessible prices.
Prior to this round, the jewellery startup raised ₹55 Cr in a Series A round in August 2025, to strengthen its portfolio, expand its offline presence and enter new categories. Overall, Palmonas has raised around $6 Mn.
The development comes at a time when the fashion jewellery segment has been picking up higher consumer interest with social media influence. Last year, the space was dominated by lab-grown diamond jewellery, where brands like True Diamond, Jewelbox, Lucira and Aukera have benefitted from the higher traction, attracting investments throughout 2025.
The online jewelry market is expected to reach $69.68 Bn in 2030 driven by strong growth in digital payment adoption, based on a technavio report.
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