Founded in 2022 by Pallavi Mohadikar, Amol Patwari, and actor Shraddha Kapoor, the Pune-based startup has quickly carved a niche in the everyday luxury jewellery segment. In just three years, Palmonas claims to have fulfilled over 6.5 lakh orders, driven largely by its popular 9-karat gold demi-fine collection.

The brand now aims to open 100 new stores in the next 12 months while strengthening its design portfolio for both domestic and international markets.

“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,” said CEO and co-founder Pallavi Mohadikar. “With this capital, we are ready to expand faster, design bolder, and bring Palmonas into the everyday lives of millions.”

This fresh funding round follows Palmonas’ INR 1.26 crore raise on Shark Tank India earlier this year and a INR 6 crore angel round prior to that.

According to a report by Grand View Horizon, India’s demi-fine jewellery market is projected to reach USD 460.6 million by 2030, growing at a CAGR of 12.1%. Competing with brands such as GIVA, Kushal’s, Amalfa, Amama, CaratLane, and BlueStone, Palmonas is positioning itself as a key challenger in this fast-growing category.