Jewellery startup Palmonas, co-founded by Bollywood actress Shraddha Kapoor, is reportedly close to raising ₹200–250 crore from private equity firm Xponentia Capital. If the deal goes through, the brand is expected to hit a post-money valuation of ₹1,600–1,800 crore which is more than 3x higher than its valuation earlier this year.
Palmonas raised ₹55 crore in April from Vertex Ventures at a valuation of roughly ₹500–550 crore. In just a few months, the brand has scaled rapidly, now operating at a ₹300 crore annual revenue run-rate, a huge feat for a company launched only in 2022 by founders Amol Patwari and Pallavi Mohadikar.
The new capital is expected to push Palmonas into its next phase of expansion of aggressive offline store rollouts, deeper D2C scaling, and strengthened supply chains for its signature “demi-fine” category.
This segment, built around stainless steel and sterling silver plated in 18K gold vermeil, sits between fast fashion and fine jewellery which is affordable, stylish, and durable.
Why investors are excited? India’s jewellery market is seeing a shift where young buyers want premium-looking pieces without premium pricing. Palmonas has positioned itself right at the heart of that demand.
The deal is still undergoing due diligence, and neither Palmonas nor Xponentia has publicly commented. But if finalised, this round would firmly establish Palmonas as one of the fastest-scaling consumer brands in the country today and possibly the breakout story of India’s new-age jewellery market.
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