Giva secures Rs.100 crore in extended series B funding led by Premji Invest  

Giva reported a 96.4% growth in revenue from operations, reaching Rs.165 crore in FY23

Mumbai: Omnichannel jewellery startup Giva has successfully raised Rs.100 crore (approximately $12 million) in an extended Series B funding round, marking its first capital infusion of 2024. The investment was led by Premji Invest, which has now made its third investment in the Bengaluru-based company. 

The Giva board approved the issuance of 68,028 Series B1 compulsorily convertible preference shares (CCPS) at a price of Rs.14,700 per share to PI Opportunities Fund II, part of Premji Invest. This follows a previous Rs.270 crore Series B round led by the firm in July 2023. 

According to estimates from TheKredible, Giva is currently valued at around Rs. 2,000 crore, and the latest funding is expected to influence this valuation further as the company continues its growth trajectory. 

With this new capital injection, Giva has raised over $60 million to date, with backing from prominent investors including Aditya Birla Venture and A91 Partners. Initially launched as an affordable jewellery brand, Giva has expanded its offerings to include gold jewelry and lab-grown diamonds. The company, led by Ishendra Agarwal, operates approximately 110 physical stores across India, in addition to its online presence through a website and app. 

Giva reported a remarkable 96.4% growth in revenue from operations, reaching Rs.165 crore in FY23. However, its expenditures doubled to Rs. 212 crore during the same period, resulting in a significant increase in losses, which widened to Rs. 45 crore. The company has yet to disclose its financial performance for FY24. 

The omnichannel jewelry market has attracted considerable investor interest lately, with other brands like Aukera securing Rs. 26.7 crore (approximately $3.2 million) in their Series A round, and Vermeil jewelry brand Trisu obtaining an undisclosed amount in pre-seed funding. 

Giva faces competition from several notable players in the sector, including Melorra, Bluestone, and CaratLane, alongside various other funded and family-owned brands. 

The brand has major plans to utilize the capital injection, expanding operations at a large scale. It plans to significantly expand its retail presence by opening over 500 offline stores, as shared by Resha Jain, the company’s Chief Brand Officer. This move accompanies GIVA’s foray into lab-grown diamonds and men’s jewellery.   

Retail Jeweller India News