Palmonas Surpasses 75-Store Mark, Accelerates Omnichannel Expansion with Eye on 100 Outlets
Demi-fine jewellery retailer Palmonas has crossed the 75-store milestone with the launch of its newest outlet at DLF Galleria, Gurugram, as the company steps up its nationwide retail expansion to strengthen its omnichannel presence. The latest opening marks another milestone in the brand's offline growth strategy, with additional stores already in the pipeline across key markets.
The company has expanded its retail footprint from 57 stores to more than 75 in about two months, opening 14 outlets within nearly 40 days. The new stores span Gurugram, Delhi, Jaipur, Noida, Gorakhpur, Patna, Kolkata, Hyderabad, Bengaluru, Ahmedabad and Mumbai, reflecting Palmonas' focus on strengthening its presence across metropolitan centres while expanding into emerging cities.
The expansion drive is continuing with stores under development at DLF Summit Plaza in Gurugram, Pacific Jaipur, Magneto Raipur and other premium malls and high streets. The retailer has also opened a new outlet at Wave Mall, Noida, and is targeting the 100-store milestone in the coming season as part of its next phase of growth.
Founded in 2022 by Pallavi Mohadikar and Dr. Amol Patwari, Palmonas has built its business around the demi-fine jewellery category, offering products crafted using 925 sterling silver and surgical-grade stainless steel with premium gold plating. Positioned between fine jewellery and fashion jewellery, the category targets consumers seeking premium-quality products designed for everyday wear at comparatively accessible price points. The company has also introduced platinum-coated silver jewellery to further diversify its product portfolio.
While the brand initially established itself as a digital-first business, it has increasingly invested in physical retail to enhance customer engagement. According to the company, direct-to-consumer channels, online marketplaces and quick-commerce platforms currently contribute nearly three-fourths of total revenue, while offline retail accounts for approximately 27 percent. With the store network expanding rapidly, the contribution from offline retail is expected to increase to nearly 40 percent over time.
Palmonas has also expanded its presence on quick-commerce platforms, including Blinkit and Zepto, where it has witnessed encouraging demand, particularly for gifting purchases. The company views quick commerce as an additional consumer touchpoint that complements both its digital and physical retail operations.
The retailer's aggressive expansion has been supported by robust financial performance. Palmonas reported revenue of around ₹40 crore in FY25, a significant increase from nearly ₹1 crore in the previous financial year. It also reported a net profit of approximately ₹4.3 crore while investing over ₹15 crore in marketing and brand-building initiatives to strengthen consumer awareness.
The company has also attracted strong investor backing. After raising ₹55 crore in its Series A funding round led by Vertex Ventures, Palmonas secured US$40 million (around ₹373 crore) in Series B funding from Xponentia Capital and Vertex Growth Fund earlier this year. The fresh capital will be deployed towards retail expansion, technology, supply-chain infrastructure and product development.
According to the company, it closed FY26 with revenue of around ₹200 crore and plans to significantly expand its offline footprint over the next few years. Beyond its immediate target of 100 stores, Palmonas is working towards building a network of more than 200 outlets across the country.
The retailer currently operates nearly 60,000 sq. ft. of retail space, with an average store size of around 850 sq. ft., while its largest outlet at Gaur City spans close to 2,000 sq. ft. The company also recorded more than 30 percent like-for-like sales growth during FY26, indicating sustained performance across its existing stores alongside network expansion.
As organised retail continues to evolve and consumer demand shifts towards premium everyday jewellery, Palmonas is strengthening its position through a combination of retail expansion, omnichannel capabilities and category-led product innovation. With a growing presence across metro, Tier II and emerging Tier III markets, the company is positioning itself for its next phase of nationwide growth.
