According to its regulatory filings reviewed by media, GIVA, a D2C jewelry brand, is raising INR 450 Cr (approximately $53 Mn) in a new funding round that values the company at $374 Mn.  This represents a 47% increase from the startup’s valuation of $254 million at which it last raised capital in 202 year 2024.

To raise the aforementioned amount from a consortium of investors headed by Creaegis, GIVA’s board adopted a resolution on May 26 to issue 1.73 lakh Series C compulsorily convertible preference shares (CCPS) at a price of INR 25,947 each.

Established in 2019 by Agarwal, Nikita Prasad, and Sachin Shetty, GIVA began by offering authentic 925 fine silver jewellery but later expanded its product range to include 14K and 18K gold jewellery as well as lab-grown diamonds.

In addition to its own website, the brand sells its products through physical stores it runs nationwide and a shop-in-shop arrangement with Shoppers Stop and other retailers.  At present, it runs 199 outlets across tier I and II cities such as Bengaluru, Pune, Hyderabad, Mumbai, Delhi NCR, Ahmedabad, Dehradun, Surat, Indore, and others.

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Through its investment arm CIF II Scheme I, the VC firm will invest INR 235 Cr in the new-age jewellery startup.  Other contributors comprise current supporters Premji Invest, which plans to provide INR 125 Cr, and Epiq Capital, which aims to invest INR 45 Cr.

The remaining financing will be provided by the Edelweiss Discovery Fund and Usha Dalmia Trust.

GIVA did not provide comments regarding media’s inquiries about the fundraising, and its co-founder Ishendra Agarwal did not respond to questions before the publication of the article.

GIVA obtained INR 102 Cr from Alteria Capital and Northern Arc, comprising a combination of equity and debt.  The startup stated at that time that it would utilize the funds for opening new retail outlets and other general corporate purposes.

In October 2024, it secured INR 255 Cr in an extended Series B funding round from various investors, including Premji Invest, Epiq Capital, and Edelweiss Discovery Fund.

GIVA has raised approximately $102 million in funding to date.  Its investors also include Aditya Birla Ventures, Alteria Capital, and A91 Partners.

GIVA recorded a 66% increase in operating revenue, reaching INR 273.6 Cr in FY24, compared to the previous year.  Its net loss, however, expanded to INR 58.7 Cr from INR 45.2 Cr the previous year, mainly because of a significant rise in metal procurement costs.

In the Indian online jewellery market, GIVA competes with brands such as CaratLane (owned by Tata Group), Kushal’s, Palmonas, and Voylla.  Backed by Tiger Global, the wealthtech startup Jar has recently launched its direct-to-consumer jewelry brand, Nek.

In the meantime, BlueStone, GIVA’s competitor, is preparing for a public listing in 2025.  Earlier this year, the omnichannel jewellery startup backed by Prosus received approval from the markets regulator SEBI for its IPO exceeding INR 1,000 crore.