Demi-fine jewellery brand Palmonas, backed by actor Shraddha Kapoor as a co-founder, has secured $40 million in Series B funding from lead investors Xponentia Capital and Vertex Growth Fund.

Existing backer Vertex Ventures Southeast Asia & India also participated in the round. The funding deal comes less than a year after Palmonas raised Rs 55-crore Series A in August 2025. The round was led by Vertex. Before that, the company had appeared on Shark Tank India, where it picked up about Rs 1.2 crore at a valuation of Rs 10 crore from Namita Thapar and Ritesh Agarwal. Pallavi Mohadikar Patwari and Amol Patwari started Palmonas in 2022. They had earlier built Karagiri, a saree-focused label that was later acquired by Mensa Brands.

Kapoor first supported Palmonas as an investor and later became a co-founder. Palmonas sells demi-fine jewellery and also offers 9-carat gold pieces. The brand operates across online and offline channels and currently has 60 stores, all of which are profitable, Kapoor said in a LinkedIn post. Financially, the company is still small but growing quickly.

Revenue from operations stood at Rs 10.8 crore in FY25, compared with Rs 5.4 crore in FY24. Losses fell to Rs 0.3 crore from Rs 1.2 crore over the same period. Palmonas competes with Giva and CaratLane. Giva posted revenues of Rs 518 crore in FY25, up from Rs 274 crore a year earlier. At the same time, losses increased to Rs 72 crore from Rs 52 crore.