Homegrown jewellery brand Palmonas has raised $40 million (around Rs 375 crore) in its Series B funding round led by Xponentia Capital and Vertex Growth Fund, the growth-stage investment vehicle from Vertex Holdings, a subsidiary of Temasek.
The round also saw participation from existing investor Vertex Ventures, which is the early-stage investment vehicle from Vertex Holdings.
Prior to this funding round, the company raised Rs 55 crore in its Series A funding round led by Vertex Ventures in August last year. It had raised Rs 6 crore from a group of individual investors in 2023.
Founded in 2022 by Bollywood actor Shraddha Kapoor, along with Amol Patwari and Pallavi Mohadikar, Palmonas is a demi-fine jewellery specialist that bridges the gap between expensive 22k gold and cheap imitation pieces.
The Pune-based brand uses base metals such as 925 sterling silver and surgical-grade stainless steel, and applies a layer of 18k gold plating for durability.
Palmonas, which is run by Demifine Fashion Pvt. Ltd, operates as an omni-channel D2C (direct-to-consumer) brand. It sells its products through its official website, online marketplaces such as Myntra and Amazon India, and physical flagship stores.
The company reported revenue of Rs 39 crore in the financial year through March 2025, up from Rs 1 crore in the fiscal before. It also posted a net profit of Rs 4.3 crore for FY25 against a net loss of Rs 26 lakh in the prior fiscal year.
PwC acted as exclusive financial advisor to Palmonas on the Series B fundraise.
