Connect with us

National News

Shraddha Kapoor-Backed Palmonas Raises ₹55 Cr in Series A to Fuel Nationwide Retail Expansion

Pune-based demi-fine jewellery brand Palmonas has raised ₹55 crore in its Series A funding round, led by Vertex Ventures Southeast Asia and India, a subsidiary of Temasek.

Published

on

This marks the company’s first institutional fundraise, aimed primarily at scaling its offline footprint across India.

With 25 stores already operating in metro and tier-2 cities, Palmonas now plans to launch 100 company-owned outlets, with a focus on key markets such as Mumbai, Delhi, Bengaluru, Hyderabad, and Pune. The expansion strategy will also explore emerging cities like Aurangabad and Bhagalpur, with 60% of the stores located in malls, 40% on high streets, and a few in airports.

The new capital will also support team expansion and product innovation, particularly in the nine-carat gold segment paired with lab-grown diamonds—a fast-growing category amid surging gold prices and new hallmarking norms.

Palmonas has shown steady financial growth, with revenue increasing from ₹3.83 crore in FY23 to ₹5.38 crore in FY24, though it reported a net loss of ₹1.24 crore.

Prior to this round, Palmonas had raised about ₹7 crore from angel investors and its appearance on Shark Tank India, where it secured investment from Namita Thapar (Emcure Pharmaceuticals) and Ritesh Agarwal (OYO).

The funding comes at a time of increased investor interest in jewellery startups, particularly those innovating in lab-grown and demi-fine segments. Competitors like Aukera, True Diamond, Amama, and Coluxe have also raised capital recently. Meanwhile, larger players such as GIVA, Lalithaa Jewellery Mart, and BlueStone are tapping into the public and private markets to scale operations.

Continue Reading
Advertisement JewelBuzz Banner
Click to comment
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted

National News

GJEPC Delegation Outreach In Sydney Strengthens India–Australia Jewellery Trade Ties

Published

on

                                               

GJEPC’s Sydney leg brought together 32 participants, including 15 representatives from 9 leading jewellery brands, 8 visiting delegation members, CG Office representatives and event partners.

The outreach connected Indian exporters with Australia’s independent jewellery network through a day of industry engagement, showroom visits and business interactions.

The programme included visits to Altmann & Cherny, ABC Showroom and Queen Victoria Building, followed by the official delegation dinner at Doltone House.

Participating jewellery brands: Excellent Jewellers, Altmann & Cherny, Roberto Mattei Jewellery Design, Ashmi Jewellers, Malabar Gold & Diamonds, Nicole Winkler Jewellery, Joyalukkas, RB Diamonds and Lords Jewellers.

With India’s gems & jewellery exports to Australia reaching US$374.33 million in FY2025–26, the Sydney outreach further strengthened industry connections and explored new opportunities under the India–Australia ECTA.

Continue Reading

Trending

JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

We would like to hear from you...

GET WHATSAPP NEWS ALERTS

0
Would love your thoughts, please comment.x
()
x