Palmonas, the demi-fine jewellery brand co-founded by Shraddha Kapoor, is in advanced discussions to raise Rs.200–250 crore from mid-market private equity firm Xponentia Capital, according to people familiar with the talks. The new round is expected to value the Pune-based startup at Rs.600–1,800 crore, over three times its previous valuation.

Earlier this year, Palmonas secured Rs.55 crore from Vertex Ventures at a valuation of Rs.500–550 crore. The company is currently tracking an annualised revenue run rate of Rs.300 crore, reflecting strong consumer demand in the fashion and lab-grown diamond jewellery categories.

Industry investors note that smaller jewellery brands are actively raising capital to expand inventory and strengthen offerings ahead of the high-demand Valentine’s Day season.

Founded in 2022 by Amol Patwari and Pallavi Mohadikar, with actress Shraddha Kapoor joining later as co-founder, Palmonas focuses on demi-fine jewellery crafted from surgical stainless steel, sterling silver, and 18K gold vermeil. Its collections include necklaces, rings, earrings, bracelets, and mangalsutras.

In its previous fundraise, Palmonas announced plans to expand its product lines and open 100 new stores within 12 months. Both the brand’s CEO and Xponentia declined to comment on the ongoing discussions.

The potential investment underscores the growing investor appetite in India’s fast-evolving jewellery market, especially within accessible luxury and lab-grown segments.