Daily News
Giva raises Rs 255 crore from extended series B funding round led by Premji Invest
The brand plans to use the new funds to expand offline stores across India and enhance lab-grown diamond offerings
Mumbai: Silver jewellery brand Giva announced has announced the successful closure of its extended Series B funding round, raising Rs 255 crore. The round was led by Premji Invest and included participation from new investors Epiq Capital and Edelweiss Discover Fund, along with contributions from the company’s top management. The development follows an initial investment of Rs 100 crore led by Premji Invest, as reported earlier this month by The Retail Jeweller India.
This funding round comprised 35% primary investment and 65% secondary transactions, allowing A91 Partners and India Quotient to make a partial exit. While Giva did not disclose its current valuation, Tracxn reports that the company was valued at $172 million as of July 2023.
Giva reported a remarkable 96.4% growth in revenue from operations, reaching Rs165 crore in FY23. However, its expenditure doubled to Rs 212 crore during the same period, resulting in a significant increase in losses, which widened to Rs 45 crore. The company is yet to disclose its financial performance for FY24.
The omnichannel jewellery 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 jewellery brand Trisu obtaining an undisclosed amount in pre-seed funding, as reported in the media.
Giva plans to allocate the new funds towards expanding its offline presence across India and enhancing its offerings in lab-grown diamonds. This latest funding follows an earlier fund-raising of Rs 200 crore in July 2023, also led by Premji Invest, with participation from existing investors such as Aditya Birla Ventures, Alteria Capital and A91 Partners.
Retail Jeweller India News
- Daily News1 month ago
Bvlgari adds designs to its pathbreaking mangalsutra collection ahead of wedding season
- Daily News4 weeks ago
Trent, a TATA subsidiary, launches lab-grown diamond brand ‘Pome,’ shares surge 7.67%
- Daily News4 days ago
Savji Dholakia’s visionary water conservation project ‘Bharatmata Sarovar’ reinforces commitment to sustainability
- Exclusive2 weeks ago
Firefly Diamonds makes a bold entry into Mumbai’s luxury retail scene with R City Mall store