Omnichannel jewelery startup Giva has raised Rs 255 crore in an expanded Series B funds round led by Investing AwardsEpiq Capital and Edelweiss Discover Fund, together with GIVA senior management.
The financing was structured, with 35% coming from primary investments and 65% from secondary investments. This allowed a partial exit of the company’s early investors, A91 Partners and India Quotient.
Total Series B funding reaches Rs 525 crore
This latest round brings GIVA’s total Series B funding to Rs 525 crore. The Rs 255 crore raised in this tranche included significant secondary share sales, providing liquidity to early backers.
Previously, in July 2023, GIVA had raised Rs 270 crore, of which Rs 200 crore came from Premji Invest and Rs 70 crore from secondary transactions.
The startup has not revealed the specific valuation of the latest round, but confirmed that it obtained a higher valuation than previous funding rounds.
Expanding offline presence
GIVA plans to leverage the fresh capital to expand its offline retail presence across India, as it looks to strengthen its position in the jewelery market.
Founded by Ishendra Agarwal, the startup currently operates 150 stores and aims to grow its presence through franchise and company-owned models.
In addition to expanding its offline presence, GIVA will focus on increasing its lab-grown diamond and gold jewelry offering, reflecting its strategy to diversify and cater to changing consumer preferences.
Focus on lab-grown diamonds and gold jewelry
Lab-grown diamonds have been a key growth area for GIVA since the company entered the segment in 2023. With this new financing, GIVA aims to enhance its presence in this emerging market while expanding its gold jewelry offering.
“We welcome Premji Invest and EPIQ Capital as valued partners, leveraging their expertise to fuel our rise. Our focus remains firm on maintaining our position as the number one silver jewelery player in the market while further strengthening our lab-grown diamond segment, expanding our gold offerings and consolidating our presence in the market,” said Ishendra Agarwal, Founder and CEO, GIVA Jewellery.
Investor comments
Kaveesh Chawla, Partner at Premji Invest, said: “We are impressed by the GIVA team’s strong commitment and relentless drive to create the best shopping experience for fine jewelery customers. We are excited to increase our investment as we partner with GIVA on its growth journey.”
Rishi Navani, Managing Partner and Founder, EPIQ Capital, added: “We are excited to partner with Ishendra and the team at GIVA Jewelery on their journey to deliver exceptional customer experience through a combination of new age designs, superior quality and affordable prices.
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