{"id":749,"date":"2026-04-11T12:33:03","date_gmt":"2026-04-11T03:33:03","guid":{"rendered":"https:\/\/india-marketing.jp\/india-news\/palmonas-series-b-celebrity-d2c-india-2026\/"},"modified":"2026-08-02T16:47:30","modified_gmt":"2026-08-02T07:47:30","slug":"palmonas-series-b-celebrity-d2c-india-2026","status":"publish","type":"india-news","link":"https:\/\/india-marketing.jp\/en\/india-news\/palmonas-series-b-celebrity-d2c-india-2026\/","title":{"rendered":"Palmonas raises $40 million in a Series [round] \u2014 the D2C jewelry brand co-founded by Shraddha Kapoor, profitable at all 60 stores, charts a new growth model"},"content":{"rendered":"
\nThis article is based on what we could verify As of August 1, 2026<\/strong> in public records and news reports from India. India revises its tax rules and regulations frequently, and the details here may have changed since. When making an actual business decision, please check the latest information with primary sources such as the ministries responsible and local experts.\n<\/div>\n\n\n\n

In April 2026, Indian demi-fine jewelry D2C brand Palmonas raised $40 million (roughly \u20b9373 crore, about \u00a56 billion in yen terms) in a Series B round led by Xponentia Capital and Vertex Growth Fund. The brand, which counts Bollywood star Shraddha Kapoor as a co-founder, boasts the unusual profile of being profitable at all 60 of its stores, drawing attention as a new benchmark for India's D2C industry.<\/p>\n\n\n\n

What kind of brand is Palmonas?<\/h2>\n\n\n\n

Palmonas is a demi-fine jewelry brand founded in 2022 by Mohadikar and Amol Patwari, using materials such as surgical stainless steel, sterling silver, and 18K gold vermeil. \"Demi-fine\" refers to the mid-price zone that sits above fashion jewelry but is more accessible than fine jewelry (gold, platinum). In India, demand in this category has surged on the back of rising disposable income and expanding lifestyle consumption among younger generations.<\/p>\n\n\n\n

In 2024, Shraddha Kapoor joined as a co-founder, and brand awareness jumped at once. Kapoor is a top Bollywood star with about 90 million Instagram followers, and what sets this apart from an ordinary celebrity tie-up is that she is involved not merely as a brand ambassador but as a co-founder with actual ownership in the business.<\/p>\n\n\n\n

A staggering growth trajectory: from \u20b997 lakh (970 ten thousand rupees) to \u20b939 crore<\/h2>\n\n\n\n

Palmonas' financial figures are striking. Whereas sales in FY24 (fiscal year 2023-24) were just \u20b997 lakh (970 ten thousand rupees, roughly 1,690 ten thousand yen), FY25 (fiscal year 2024-25) reached \u20b939 crore. That's growth of more than 40 times in a single year.<\/p>\n\n\n\n

Metric<\/th>FY24<\/th>FY25<\/th>Rate of change<\/th><\/tr><\/thead>
Revenue<\/td>\u20b997 lakh (970 ten thousand rupees)<\/td>\u20b939Cr<\/td>More than about 40x<\/td><\/tr>
Number of stores<\/td>A handful of stores<\/td>60 stores<\/td>Rapid expansion<\/td><\/tr>
Store profitability rate<\/td>Not disclosed<\/td>100%<\/td>All stores profitable<\/td><\/tr>
Series A funding amount<\/td>\u20b955 crore (August 2025)<\/td>\u2014<\/td>\u2014<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

What underpins this growth is an omnichannel strategy. By combining online (D2C e-commerce) with offline (directly operated stores), the brand captures both digitally native shoppers and customers seeking a physical experience. Even more notable is the fact that all 60 stores are profitable. There are zero \"cash-burn flagship stores\" \u2014 that is, no stores accepted as loss-making, forward investments. In the usual rapid retail expansion phase, it's common to carry loss-making stores in the name of building brand awareness, but Palmonas has not done that.<\/p>\n\n\n\n

The real value of the celebrity co-founder model<\/h2>\n\n\n\n

Shraddha Kapoor's involvement makes extremely good sense from a marketing-cost standpoint. In India, hiring a celebrity for TV commercials and advertising comes at enormous expense. But with Kapoor herself promoting the brand as a co-founder, it can reach tens of millions of followers at close to zero marketing cost.<\/p>\n\n\n\n

This \"celebrity co-founder\" model is spreading rapidly in India. There is a growing number of cases where actors or cricketers get involved not merely as ambassadors but as equity-holding founders. What matters here is that Kapoor is committed directly to the growth of the business, not just \"a face.\" Her statement that \"we will expand even more aggressively over the next 12 months\" also functions as a signal to investors.<\/p>\n\n\n\n

For the broader trend across India's D2C market, see also the Q1 2026 India D2C fundraising trends.<\/a> The concentration of investment in celebrity-led brands is also a pronounced trend on a quarterly basis.<\/p>\n\n\n\n\n\n

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