Palmonas Is Rewriting the D2C Jewellery Playbook — And Shraddha Kapoor’s Bet Is Paying Off

QUICK TAKE:

What do you call a startup that grows revenue 40X in one year, turns profitable in year three, then raises ₹200 crore at a 3.8X valuation jump six months later? In any other market, you call it an outlier. In India’s D2C jewellery space in 2026, Palmonas is calling it a playbook.

The Pune-based demi-fine jewellery brand co-founded by Pallavi Mohadikar, Dr. Amol Patwari, and Bollywood actress Shraddha Kapoor is set to raise ₹200 crore (~2 million) in its Series B round, led by XPONENTIA Capital (₹179 Cr) with participation from existing backer Vertex Ventures (₹21 Cr). The round — structured as 815 Series B CCPS at ₹13,59,434 each — will value Palmonas at ₹1,950 crore (~17 million), a 3.8X leap from its Series A valuation of ~₹500 crore just six months ago.

So what? Palmonas is not just a jewellery story. It is the clearest proof yet that India’s demi-fine category — premium materials at everyday prices, priced above fashion jewellery and below fine jewellery — is not a niche. It is a mass-market opportunity that has been waiting for the right brand. Palmonas found it first. And now, at ₹1,950 crore, investors are pricing the belief that it will dominate it

STARTUPFEED INSIGHT

Series B Round — Full Structure

Palmonas — From Idea to ₹1,950 Cr Valuation in 4 Years

Company Snapshot — Palmonas (Demifine Fashion Pvt. Ltd.)

Pallavi Mohadikar, CEO & Co-Founder, Palmonas:

“Ten days after the idea of Palmonas was born, we launched our first collection. That same spirit of speed, ambition, and customer obsession drives us today. Our customers have shaped Palmonas into what it is today — they told us what they wanted, and we built it.”

StartupFeed read: The 10-day launch is the founding principle that explains the 40X revenue number. Palmonas’s operational cadence is built for speed. From idea to product in 10 days. From ₹97 lakh to ₹39 Cr in 12 months. From Series A to Series B in 6 months. The pace at which Palmonas compounds is the real investment thesis — not any individual product or campaign.

Shraddha Kapoor, Actor & Co-Founder, Palmonas:

“I was searching for simple, good quality and reasonably priced jewellery on the internet because I was so fed up of my daily wear jewellery breaking or getting spoiled. I came across Palmonas and was just blown away by their products. I went crazy purchasing so many pieces because I fell in love with their design sensibility. Bringing demi-fine jewellery to India with an aim to make luxury jewellery available at a fraction of the price, without compromising on the quality — I felt it was needed in this space without harming the environment.”

StartupFeed read: This is the single most important quote in the Palmonas story. Shraddha Kapoor’s co-founder story did not begin in a boardroom — it began on Instagram, with an unknown customer ordering multiple S. Kapoor packages and Pallavi Mohadikar noticing. When an actress with 90 million Instagram followers is a repeat organic customer before she is asked to endorse, and then chooses equity over endorsement, you have something that can’t be manufactured: authentic product-market fit at the celebrity layer.

India D2C Jewellery Landscape — Where Palmonas Sits

What’s Next

1. 25 → 100 stores in 12 months is the execution test. Opening 75 stores in a year requires — simultaneously — location scouting, lease signings, fit-out capex, staff hiring, training, inventory deployment, and local marketing. Palmonas will need to execute this without the 40X revenue growth rate slowing. If offline stores drive online discovery (as they do for every successful jewellery omnichannel brand), the revenue compounding accelerates. If store ramp-up creates margin pressure without equivalent revenue uplift, the growth story gets complicated.
2. Lab-grown diamonds and 9kt gold collections are the next category expansion. Palmonas is launching 9kt gold with lab-grown diamonds — moving up the price ladder from ₹800–5,000 to ₹10,000–50,000 per piece. This is the graduation thesis: customers who buy demi-fine daily wear at ₹1,500 will eventually want real gold and real diamonds from the same trusted brand. If executed right, the average order value doubles and Palmonas captures the customer lifecycle from first jewellery purchase to engagement ring.
3. International expansion — USA, UK, UAE — is the 3-year horizon. India has 30+ million diaspora globally with strong jewellery-purchasing behaviour. Palmonas’s brand design is modern enough to travel internationally. The Shraddha Kapoor brand recognition is meaningful in diaspora markets. Pop-ups in NYC, LA, and London are planned. International revenue, if it clicks, adds a new demand pool without proportional supply chain complexity — the same Pune manufacturing ships globally.
4. IPO is the logical XPONENTIA exit. XPONENTIA entered at ₹1,950 Cr. A 3x return requires ₹5,850 Cr valuation. With BlueStone’s IPO as a comparable, and India’s public market appetite for profitable D2C consumer brands, a Palmonas IPO by FY28–29 is the most plausible exit. The next 24 months are about building the IPO narrative: revenue scale, store network, brand recall, and consistent profitability.