In a bold move to enhance its presence in the jewellery market, Giva, the omnichannel jewellery startup, has successfully raised ₹255 crore in an extended Series B funding
In a bold move to enhance its presence in the jewellery market, Giva, the omnichannel jewellery startup, has successfully raised ₹255 crore in an extended Series B funding round.
The latest funding was led by Premji Invest, Epiq Capital, and Edelweiss Discover Fund, with significant participation from Giva’s top management. This funding round was unique, with 35% of the capital coming from primary investments and 65% from secondary investments. This structure allowed early investors, such as A91 Partners and India Quotient, to make a partial exit while still supporting Giva’s growth.
With this recent injection of funds, Giva’s total Series B funding has now reached a remarkable ₹525 crore. Earlier this year, in July 2023, Giva had already raised ₹270 crore, bringing in ₹200 crore from Premji Invest and ₹70 crore from secondary transactions. While the startup hasn’t disclosed its specific valuation in this latest round, it has confirmed that the valuation has increased compared to previous funding.
Giva plans to utilize this fresh capital to expand its offline retail presence across India, aiming to strengthen its market position in the competitive jewellery landscape. Currently, the startup operates 150 stores and is set to grow its footprint through both company-owned and franchise models.
In addition to expanding its retail network, Giva will also increase its offerings in lab-grown diamonds and gold jewellery. This focus on diversification is in response to evolving consumer preferences, especially as lab-grown diamonds have emerged as a significant growth area for the company since it entered the segment in 2023.
“We welcome Premji Invest and EPIQ Capital as valued partners, leveraging their expertise to propel our ascent,” said Ishendra Agarwal, Founder and CEO of Giva. He emphasized the startup’s commitment to maintaining its position as the top player in silver jewellery while further developing its lab-grown diamond segment and expanding its gold jewellery offerings.
Investor enthusiasm is palpable. Kaveesh Chawla, Partner at Premji Invest, expressed his admiration for the Giva team’s commitment to creating an exceptional shopping experience for fine jewellery customers. He stated, “We are excited to increase our investment as we partner with Giva on their growth journey.”
Similarly, Rishi Navani, Managing Partner and Founder of EPIQ Capital, shared his excitement about partnering with Giva. He noted, “We are thrilled to work with Ishendra and the team at Giva Jewellery to deliver an exceptional customer experience through innovative designs, superior quality, and affordable pricing.”
Founded by Ishendra Agarwal, Giva has quickly established itself as a leading player in the jewellery industry, combining online convenience with offline retail presence. The brand’s focus on quality and customer experience has resonated well with consumers, allowing it to capture a significant share of the market.
Lab-grown diamonds have become increasingly popular among consumers for various reasons, including ethical sourcing and lower prices compared to natural diamonds. Giva’s commitment to expanding its offerings in this area reflects its understanding of market trends and customer desires.
With the new funding, Giva is poised for significant growth in the coming years. The startup’s ambitious plans to enhance its offline presence, diversify its product offerings, and leverage its partnerships with investors will be crucial as it aims to solidify its position in the jewellery market.
In a time when consumer preferences are shifting, Giva is strategically positioning itself to not only meet current demands but also anticipate future trends. The brand’s journey is one to watch as it continues to innovate and expand its footprint in the jewellery industry.
