Giva raises Rs 255 Cr; A91 and India Quotient get exit worth Rs 166 Cr

Omnichannel jewelry startup Giva has raised Rs 255 crore in an extended Series B round led by Premji Invest, Epiq Capital, Edelweiss Discover Fund, and its senior management. Of this, Rs 89 crore is primary capital, while the remainder is secondary.

The company’s early backers, A91 Partners and India Quotient, also partially exited through secondary capital, Giva said in a press release. Previously, First Cheque realized a 33X return on its seed investment in Giva during the Series B round in September last year. Its early backers also include Titan Capital; however, the early-stage venture firm has not sold any shares as of now.

The proceeds will be used to expand its offline presence. Entrackr exclusively reported the development of its extended Series B last month.

Giva, initially launched as an affordable jewelry brand, has expanded its offerings to include gold jewelry and lab-grown diamonds. In addition to its website and app, the Ishendra Agarwal-led company now operates around 150 physical stores nationwide and has introduced a franchise-led model for broader reach.

With this round, the Bengaluru-based company has raised over Rs 690 crore, according to TheKredible. Before this round, India Quotient was the largest external investor with 14.13%, followed by Premji Invest and A91 Partners.

Giva has yet to officially disclose its FY24 numbers. However, its revenue from operations grew significantly by 96.4%, reaching Rs 165 crore in FY23, while losses widened to Rs 45 crore in the same period.

Giva competes with several notable players, including Melorra, Bluestone, CaratLane, and a range of other funded and family-led brands.