Palmonas, an India-based demi-fine jewellery brand, has raised 55 crore rupee (US$6.33 million) in series A funding led by Vertex Ventures SEAI.

The company will use the funds to expand its 9kt gold jewellery line and open 100 new stores in the next year.

Palmonas was launched in 2022 by Shraddha Kapoor, Amol Patwari, and Pallavi Mohadikar.

The company said its products are positioned between fast fashion and fine jewellery, and claims they are waterproof and skin-safe.

Palmonas reported delivering over 650,000 orders.

In February, Palmonas was valued at 126 crore rupee (US$14.39 million) after securing 1.26 crore rupee (US$145,152) from Namita Thapar and Ritesh Agarwal on Shark Tank India, after a previous angel round of 6 crore rupee (US$0.69 million).

🔗 Source: YourStory

🧠 Food for thought

1️⃣ Palmonas enters a demi-fine jewelry market with strong tailwinds

The timing of Palmonas’ expansion aligns with robust market growth projections for demi-fine jewelry globally.

The global demi-fine jewelry market is projected to grow from $2.6 billion in 2024 to $7.8 billion by 2034, representing an 11.7% compound annual growth rate 1.

In India specifically, market research shows the $151-$300 price segment is expected to dominate with a 44.97% revenue share in 2024 2.

This price positioning aligns with Palmonas’ strategy of targeting consumers seeking quality between fast fashion and fine jewelry.

The company’s plan to launch 100 new stores comes as the market benefits from rising disposable incomes, particularly in urban areas, and increased purchasing power among younger demographics 2.

2️⃣ The brand positions itself in the market’s fastest-growing segment

Palmonas’ focus on 9kt gold demi-fine jewelry targets the precise consumer segment driving market expansion.