These new locations won’t just be clustered in metro areas like Mumbai, Delhi, Bengaluru, Hyderabad, and Pune—they’ll also stretch into emerging cities such as Aurangabad and Bhagalpur. Expect a mix of shopping mall, high-street, and airport formats, with a 60% tilt toward malls and 40% toward streetscapes and travel hubs.
Beyond brick-and-mortar reach, the funding will fuel team expansion, product innovation, and continued refinement of its signature 9-karat gold line infused with lab-grown diamonds—an increasingly popular segment amid rising gold prices and regulatory approval for hallmarking lower-karat jewellery.
On the financial front, Palmonas has seen impressive growth: revenues climbed from ₹3.83 crore in FY 23 to ₹5.38 crore in FY 24, though the company posted a net loss of ₹1.24 crore for that period.
This Series A follows earlier investments, including approximately ₹7 crore from angel investors and support from Shark Tank India backers Namita Thapar and Ritesh Agarwal. In terms of traction, the brand claims to have delivered over 6.5 lakh orders, building a loyal customer base along the way.
Palmonas’s raise arrives amid heightened investor interest in modern jewellery startups—particularly those leveraging lab-grown diamonds and demi-fine appeal. Recent milestones include Bengaluru’s Aukera raising $15 million, True Diamond securing $3 million, fashion jeweller Amama attracting $1 million, and Priyanka Gill’s Coluxe closing a pre-launch round.
At the same time, established players are scaling up—GIVA has raised ₹530 crore in Series C funding, Lalithaa Jewellery Mart is moving ahead with a ₹1,700 crore IPO, and Bluestone has already entered the public market.