Jewellery Brand Palmonas Raises INR 55 Cr in Series A Funding Palmonas aims to open 100 new stores in the next 12 months.
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D2C demi-fine jewellery startup Palmonas has secured INR 55 crore in a Series A funding from Vertex Ventures SEAI.
The Pune-based startup said the investment will support its plan to expand across India and take its everyday luxury jewellery to global markets.
Founded by Pallavi Mohadikar, Amol Patwari, and actor Shraddha Kapoor, the three-year-old startup claims to have already delivered more than 6.5 lakh orders. It now aims to open 100 new stores over the next year while strengthening its popular 9 karat gold demi-fine collection.
CEO and cofounder Pallavi Mohadikar said, "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 are ready to expand faster, design bolder, and bring Palmonas into the everyday lives of millions."
Palmonas raised INR 1.26 crore on Shark Tank India in January this year. Earlier, it had raised INR 6 crore in an angel round.
India's demi-fine jewelry market is poised to hit a revenue of USD 460.6 million by 2030 at a CAGR of 12.1%, according to a Grand View Horizon report.
GIVA, Kushal's, Amalfa, Amama, and fine jewellery brands like Caratlane and Bluestone are some of the key competitors of Palmonas in the demi-fine jewellery space.
