Giva raises ₹255 cr in extended series B round at a valuation of ₹2,170 crore

Bengaluru: New age jeweller startup Giva on Monday said it has closed its extended series B funding round at ₹255 crore from a group of investors led by Premji Invest, Epiq Capital and Edelweiss Discover Fund with some of its earlier backers clocking partial exits. 

With this round, the company will be valued at ₹2,170 crore, a small increase from ₹1,500 crore in its previous round, a person familiar with the matter said. The person added that company is clocking ₹475-500 crore in ARR in FY25. Giva refused to comment on the valuation. 

The funding round comprised a 35% primary investment and 65% secondary investment facilitated by partial exits from A91 Partners and India Quotient, the company said in the statement. 

Also Read: With this round, the company will be valued at ₹2,170 crore, a small increase from ₹1,500 crore in its previous round

The new capital is expected to help Giva’s expansion plans, bolster its offline presence in the country and augment its lab-grown diamond offerings. Currently, the company has about 150 retail stores. It has also introduced a franchise model, enhanced its manufacturing capabilities, and launched lifetime plating facilities. 

“Our focus remains steadfast on holding our position as the No. 1 silver jewellery player in the market with 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.

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The company will continue prioritizing its lab-grown diamond segment through strategic partnerships and innovations, expanding its gold offerings to cater to discerning consumers, and enhancing its market presence through targeted marketing initiatives, Giva said in the statement. 

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Giva has raised over $50 million across 11 funding rounds

Founded in 2019 by Agarwal, Nikita Prasad and Sachin Shetty, Giva has raised over $50 million across 11 funding rounds. Other investors in the company include Spring Marketing Capital, Aditya Birla Ventures, Alteria Capital, Sixth Sense Ventures, and FBC Venture Partners.

The Bengaluru-based startup competes with companies such as Bluestone, Caratlane and Melorra in the category. In FY23, Giva’s revenues nearly doubled to ₹167.1 crore while losses also increased to ₹45.2 crore from ₹19.1 crore in FY22. It is yet to file its FY24 results.