Giva, a prominent jewellery brand, has successfully concluded its extended Series B funding round, raising ₹225 crore. This investment round was spearheaded by Premji Invest, with participation from new investors Epiq Capital and Edelweiss Discover Fund, along with contributions from the company’s senior management.
This funding round consisted of 35% primary investment and 65% secondary transactions, facilitating a partial exit for existing investors A91 Partners and India Quotient. While the current valuation remains undisclosed, data from Tracxn indicated that Giva was valued at $172 million in July 2023.
The capital raised will be allocated towards expanding Giva’s offline presence throughout India and enhancing its portfolio of lab-grown diamonds. Just a few months prior, in July, the company raised ₹200 crore in its Series B round, also led by Premji Invest, with backing from existing investors like Aditya Birla Ventures, Alteria Capital, and A91 Partners.
Ishendra Agarwal, the founder and CEO of Giva, shared insights into the company’s positioning as a value-driven brand for Indian women. “We aim to provide fine jewellery at accessible price points, which is the rationale behind our launch of lab-grown diamonds. The capital will primarily support our expansion efforts and our lab-grown diamond offerings,” Agarwal stated.
The surge in demand for lab-grown diamonds can be attributed to their significantly lower prices compared to natural diamonds, while maintaining similar aesthetics. Currently, Giva offers lab-grown diamonds set in gold, catering to this growing market.
Founded in 2019 by Ishendra Agarwal, Nikita Prasad, and Sachin Shetty, Giva Jewellery operates as an omnichannel brand, offering a range of products, including bracelets, earrings, necklaces, rings, and chains. Customers can shop via the Giva mobile app and website, as well as through physical stores and third-party platforms. Recently, the company expanded its reach by launching on quick commerce platforms like Swiggy Instamart, Blinkit, and Zepto.
With approximately 160 stores in India, including one in Sri Lanka, Giva has ambitious plans to open over 100 new locations annually in major cities such as Mumbai, Hyderabad, Chennai, Ahmedabad, and Kolkata. Currently, more than half of its stores are located in Bengaluru and New Delhi.
Sales distribution for Giva reflects the company’s strategic approach, with around 45% of total sales coming from its website, 40% from offline stores, and the remaining 15% through third-party platforms. Although Giva has yet to file its financial results for FY24, Agarwal indicated that the company generated net revenue of ₹255 crore and anticipates closing this fiscal year with revenues between ₹480-500 crore.
In FY23, Giva reported revenues of ₹167.1 crore, nearly doubling its earnings from ₹84.6 crore the previous year. However, losses also increased to ₹45.2 crore, compared to ₹19.1 crore during the same period, as reported by Tracxn. Looking ahead, Agarwal mentioned plans for an initial public offering (IPO) within the next two years.
Investor enthusiasm for omnichannel jewellery platforms has surged, particularly following Titan’s acquisition of a stake from CaratLane founder Mithun Sacheti last year. In related news, jewellery retailer Bluestone recently secured ₹900 crore in a financing round, more than doubling its valuation to $970 million (approximately ₹8,100 crore). This round saw participation from Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Infosys co-founder Kris Gopalakrishnan’s family office, Pratithi Investments. Additionally, lab-grown jewellery brand Aukera raised around $3.2 million (₹26.7 crore) in its Series A funding, led by Fireside Ventures.
Kaveesh Chawla, a partner at Premji Invest, expressed enthusiasm for Giva’s direction: “We are impressed by the 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.”