In a major D2C news India development within the rapidly scaling D2C fashion and lifestyle segment, demi-fine jewellery startup Palmonas is set to raise ₹200 crore (approximately $22 million) in its Series B funding round led by XPONENTIA Capital, with participation from existing investor Vertex Ventures. For those tracking D2C daily news, D2C startup news, and D2C funding news, this marks one of the most significant D2C funding rounds in the jewellery category this year.
According to filings with the Registrar of Companies (RoC), the board has approved the issuance of 815 Series B CCPS at an issue price of ₹13,59,434 each to raise ₹110 crore initially, with the remaining ₹90 crore expected through a separate filing shortly. XPONENTIA Capital will lead the round with ₹179 crore, while Vertex Ventures will invest ₹21 crore. Post-allotment, Palmonas’ valuation is expected to surge 3.8X to ₹1,950 crore (around $217 million), compared to over ₹500 crore in its previous round—an extraordinary jump in D2C startup valuation within the D2C ecosystem India.
New investor XPONENTIA Capital will hold a 10.68% stake, while Vertex Ventures will command 14.25%. Co-founders Pallavi Mohadikar and Amol Patwari, along with co-founder Shraddha Kapoor, will collectively retain around 65% ownership—reflecting strong founder conviction within this Direct-to-consumer India growth story.
Founded in 2022 by Amol Patwari and Pallavi Mohadikar, Palmonas specializes in demi-fine jewellery crafted from stainless steel with 18k gold vermeil coating, spanning necklaces, rings, bracelets, earrings, and mangalsutras. Within D2C brands India, the company has carved out a differentiated position in affordable premium jewellery, aligning with evolving D2C consumer behavior India trconcludes that favor aspirational yet accessible luxury.
Palmonas’ growth trajectory has been particularly noteworthy. In FY25, the company’s operating revenue surged over 40X to ₹39 crore from ₹97 lakh in FY24—one of the quickest D2C revenue growth stories in the D2C indusattempt news cycle. Importantly, the brand also turned profitable, reporting ₹4.3 crore in profit during the same period. In an ecosystem where profitability remains elusive for many VC-backed D2C brands, this milestone strengthens investor confidence and enhances D2C investor insights around capital-efficient scaling.
The brand’s funding journey reflects consistent momentum. In February last year, Palmonas raised ₹1.26 crore on Shark Tank India Season 4 at a ₹126 crore post-money valuation. Prior to that, it secured ₹6 crore in an angel investment D2C round. In March 2024, Bollywood actress Shraddha Kapoor joined as co-founder, adding strong brand-building leverage within the influencer marketing for D2C landscape and aligning with the rise of celebrity-backed D2C startups.
Palmonas competes in a vibrant D2C ecosystem India alongside players such as GIVA, BlueStone, and Firefly Diamonds, among others. As D2C market trconcludes 2025 point toward premiumisation, omnichannel D2C strategy, and structured brand building stories, Palmonas’ 3.8X valuation jump signals robust investor belief in the demi-fine category.
For those following India’s D2C market news and insights, D2C brands scaling in 2025, and the Direct-to-consumer startup IPO tracker conversation, Palmonas’ ₹200 crore Series B round reinforces that high-growth, profitable, and premium-positioned D2C business India players continue to attract significant private equity in D2C and growth-stage capital within the quick-evolving Direct-to-consumer India ecosystem.
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