Giva, an omnichannel jewelry startup has raised INR 255 crore in an extended Series B round. The fundraising was led by Premji Invest, Epiq Capital, Edelweiss Discover Fund, and its senior management. INR 89 crore was the primary capital, while the remainder was secondary.
Giva said in the press release that A91 Partners and India Quotient - the company’s early backers - also partially exited through secondary capital. The first Cheque which realized a 33X return on its seed investment in Giva during the Series B round in September last year, previously. This proceeds will be utilized to further drive its offline presence. Furthermore, Entrackr exclusively reported the devisement of its extended Series B last month.
Giva, which was initially launched as an affordable jewelry brand, has spread its wings with respect to its offerings so as to include gold jewelry and lab-grown diamonds. Adding to its website and app, the Ishendra Agarwal-led company currently operates around 150 physical stores country-wide and has also introduced a franchise-led model for broader reach.
According to TheKredible, the Bengaluru-based company has raised over Rs 690 crore with this round. Prior to this round, India Quotient was the largest external investor with 14.13 percent, which was further followed by Premji Invest and A91 Partners.
Having said this, Giva has yet to officially disclose its FY24 numbers. However, its revenue from operations witnessed a staggering upsurge of 96.4 percent and has reached INR 165 crore in FY23. Also to note, the losses have widened to INR 45 crore in the same period.
Today, Giva has been competing with several notable players which include Melorra, Bluestone, CaratLane, and other funded and family-led brands.
