PALMONAS, India's fastest-growing demi-fine jewellery brand, crosses 101+ stores across 35+ cities and two countries, backed by a INR 55 crore Series A and 200% year-on-year growth.
India’s demi-fine jewellery market is projected to reach USD 461 million by 2030, growing at 12.1% CAGR — driven by consumers who want design, quality, and affordability, all at once.
PALMONAS has just crossed 101+ stores, 35+ cities, and two countries — with 26 new outlets opened in 60 days — a pace that signals serious intent, not managed momentum.
The Pune-based brand was founded in 2022 by Pallavi Mohadikar and Dr. Amol Patwari.
Bollywood actor Shraddha Kapoor joined as co-founder, having been a loyal customer long before the equity conversation began.
The name itself carries the origin story: PALMONAS is a portmanteau of Pallavi, Amol, and daughter Anaya — personal conviction baked into the brand’s DNA from day one.
The category PALMONAS operates in sits squarely between fashion jewellery and fine jewellery — 9-karat gold, 18-karat gold plating, 925 sterling silver — waterproof, skin-safe, and designed for everyday wear.
Pallavi Mohadikar brought D2C expertise from Karagiri, a digital-first saree brand later acquired by Mensa Brands — making her the right builder for what PALMONAS needed to become at scale.
From a digital-first beginning, the brand now spans metros, state capitals, and Tier 2 cities — Pune to Ambala, Sangli to Thrissur — a clear and deliberate bet on offline India.
PALMONAS has also made its international move: stores at Reem Mall in Abu Dhabi and Mall of the Emirates in Dubai, both directly operated, anchoring a consistent brand experience.
The funding narrative reinforces market conviction. PALMONAS raised INR 1.26 crore on Shark Tank India in January 2025, followed by an INR 6 crore angel round that accelerated early offline growth.
In August 2025, Vertex Ventures SEAI led a INR 55 crore Series A — capital directed at aggressive store expansion, international markets, and AI-driven consumer personalisation.
The competitive field is growing alongside the category. Melorra, Giva, and BlueStone compete in accessible jewellery; CaratLane and Tanishq anchor the broader organised market with entrenched trust and reach.
Consumer challenges persist: converting online brand equity into offline repeat visits, building durability trust in demi-fine quality, and sustaining design relevance across a fast-evolving consumer palette.
With 6.5 lakh+ orders fulfilled and 200% year-on-year growth, the 101-store milestone is PALMONAS’ loudest statement yet — that everyday luxury, done right, has no ceiling in India.
Editor’s Note
The organised jewellery segment rewards builders who solve a real problem rather than brands that simply price down from luxury. PALMONAS did the harder thing — it created a new category.
Demi-fine was a borrowed concept.
The team made it native: materials adapted for Indian skin, price points engineered for the modern woman, formats built for a digital-native consumer who increasingly wants to walk into a store.
Twenty-six stores in sixty days is an operations achievement, not a press release.
That distinction separates brands with ambition from those that actually execute against it — and for PALMONAS, the next chapter looks more than promising.
Discover more from Retail Updates
Subscribe to get the latest posts sent to your email.
