CMS INDUSLAW Advises Vertex Ventures on Palmonas’ $40M Series B…

Team S · 2026-04-06T15:01:09.000Z

Pune-based demi-fine jewellery startup Palmonas has raised $40 million (approximately ₹373 crore) in a Series B funding round, led by Xponentia Capital and Vertex Growth Fund, with participation from existing investor Vertex Ventures Southeast Asia & India. The funding marks a major milestone for the company as it strengthens its position in India’s fast-growing demi-fine jewellery segment, which bridges the gap between traditional fine jewellery and affordable fashion accessories. Founded in 2022 by Pallavi Mohadikar and Amol Patwari, with Shraddha Kapoor joining as co-founder, Palmonas operates as an omnichannel brand, selling through its own platform, marketplaces like Amazon and Myntra, and an expanding offline retail network. The company has demonstrated strong growth, with a rapidly expanding physical presence of around 60 stores, all of which are reportedly profitable-an uncommon achievement in the D2C retail space. With the newly raised capital, Palmonas plans to accelerate its offline retail expansion, strengthen its omnichannel strategy, and scale its product portfolio, particularly in high-demand categories such as 18K gold vermeil and lab-grown jewellery. The round also reflects continued investor confidence, with Vertex Ventures returning for a follow-on investment, signaling strong traction and growth fundamentals since its earlier ₹55 crore Series A round in 2025. The funding highlights increasing momentum in India’s digital-first jewellery market, driven by rising consumer demand for affordable luxury, social media influence, and the shift toward branded, design-led accessories.

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CMS INDUSLAW Advises Vertex Ventures on Palmonas’ $40M Series B… | Newnex