Omnichannel jewellery startup Giva raises Rs 255 crore in extended Series B funding round

Omnichannel jewellery startup Giva has raised Rs 255 crore in an extended Series B funding round led by Premji Invest, Epiq Capital, and Edelweiss Discover Fund, alongside GIVA's top management.

The funding was structured, with 35% coming from primary investments and 65% from secondary investments. This allowed for a partial exit for 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 for early backers.

Earlier, in July 2023, GIVA had raised Rs 270 crore, with Rs 200 crore coming from Premji Invest and Rs 70 crore from secondary transactions.

The startup has not disclosed the specific valuation for the latest round but confirmed that it was raised at 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 seeks to strengthen its position in the jewellery market.

Founded by Ishendra Agarwal, the startup currently operates 150 stores and is aiming to grow its footprint through both company-owned and franchise models. 

In addition to expanding its offline presence, GIVA will focus on increasing its offerings in lab-grown diamonds and gold jewellery, reflecting its strategy to diversify and cater to evolving consumer preferences.

Focus on lab-grown diamonds and gold jewellery

Lab-grown diamonds have been a key growth area for GIVA since the company entered the segment in 2023. With this new funding, GIVA aims to enhance its presence in this emerging market while also broadening its gold jewellery offerings.

"We welcome Premji Invest and EPIQ Capital as valued partners, leveraging their expertise to propel our ascent. Our focus remains steadfast on holding our position as the no.1 silver jewellery player in the market while further fortifying our lab-grown diamond segment, broadening our gold offerings, and consolidating our market presence," said Ishendra Agarwal, Founder and CEO of GIVA Jewellery. 

Investor comments

Kaveesh Chawla, Partner at Premji Invest said, "We are impressed by GIVA team's strong commitment and relentless drive to build a best-in-class shopping experience for fine jewellery customers. We are excited to increase our investment as we partner with GIVA on their growth journey."

Rishi Navani, Managing Partner and Founder of EPIQ Capital added, "We are excited to partner with Ishendra and the team at GIVA Jewellery in their journey to deliver exceptional customer experience through a trifecta of new age designs, superior quality, and affordable pricing."