D2C silver jewellery startup GIVA raises Rs 40Cr in debt from Alteria Capital

Indiejewel Fashions Pvt Ltd, which operates consumer jewellery startup GIVA, has raised Rs 40 crore in debt from venture debt fund Alteria Capital.

Founded in 2019 by Ishendra Agarwal, Nikita Prasa, and Sachin Shetty, the startup plans to deploy the raised capital in driving channel expansion and expanding the range of exquisitely crafted jewellery products further.

Unlike others who offer jewellery starting from Rs 20,000, GIVA said it offers more affordable options for day-to-day wear, offices, and other occasions at a price range between Rs 1000 and Rs 20,000. 

The startup's in-house team and a community of influencers develop jewellery designs that are then sent to third-party manufacturers for production, the statement said. The startup conducts a quality check on the jewellery it receives from manufacturers to ensure the metal’s purity, proper stone placement, and no tarnishing or scratching.

The four-year-old startup claims to have an omnichannel presence with more than 50 offline touchpoints currently active across the country. It hopes to exceed 200 by the end of 2023 with a revenue of Rs 350 crore in FY24.

So far, GIVA has raised over $17.5 million in funding from investors, including A91, Sixth Sense, Aditya Birla Ventures, Anicut, Founder Bank Capital, and India Quotient.

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