D2C Jewellery Brand GIVA Nets INR 255 Cr To Fuel Its Offline Play
by Gargi Sarkar · Inc42SUMMARY
- Giva's funding round, with 35% primary investment and 65% secondary investment, allowed A91 Partners and India Quotient to make a partial exit
- The fresh capital infusion will fuel GIVA's expansion plans, strengthening its offline presence across India, growing its lab-grown diamond offerings
- Looking ahead, GIVA will focus on strengthening its lab-grown diamond segment through strategic partnerships and innovations, while expanding its gold offerings
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D2C jewellery brand GIVA has raised INR 255 Cr ($30.3 Mn) as a part of its extended Series B funding round from Premji Invest, Epiq Capital and Edelweiss Discover Fund.
The fundraise, with 35% primary and 65% secondary investments, also gave partial exits to A91 Partners and India Quotient.
The fresh capital infusion will fuel GIVA’s expansion plans, strengthening its offline presence across India, growing its lab-grown diamond offerings and facilitating strategic investor exits.
“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.
Looking ahead, GIVA will focus on strengthening its lab-grown diamond segment through strategic partnerships and innovations, while expanding its gold offerings to meet the needs of discerning consumers. The company also plans to enhance its market presence through targeted marketing efforts.
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Founded in 2019 by Ishendra Agarwal, Nikita Prasad and Sachin Shetty, GIVA deals in authentic 925 fine silver jewellery and later also forayed into 14K and 18k gold and lab-grown diamond jewellery. The brand has its own operated stores across the country as well as many SIS formats with Shoppers Stop and other chains.
Last year, GIVA raised INR 270 Cr ($32.9 Mn) in a Series B funding led by Premji Invest.The round also saw participation from existing investors Aditya Birla Ventures, Alteria Capital and A91 Partners.
Out of total investment, INR 200 Cr was infused as primary funding. In addition, INR 70 Cr happened through secondary stake sale giving exit to some of the early investors.
GIVA crossed the INR 100 Cr mark in terms of operating revenue in the financial year ended March 31, 2023. The startup’s operating revenue surged 97% to INR 165 Cr in FY23 from INR 84 Cr in the previous fiscal year.
The startup’s net loss rose 138% to INR 45.2 Cr during the year under review from INR 19 Cr in FY22 as its overall expenditure more than doubled to INR 212.3 Cr in FY23 from INR 104 Cr in the previous year.