D2C jewellery brand GIVA is raising INR 450 Cr (around $53 Mn) in a fresh funding round at a valuation of $374 Mn, as per its regulatory filings accessed by Inc42. This marks a 47% increase from the $254 Mn valuation at which the startup last raised capital in 2024.

The board of GIVA passed a resolution on May 26 to issue 1.73 Lakh Series C compulsorily convertible preference shares (CCPS) at INR 25,947 per share to raise the aforesaid amount from a group of investors led by Creaegis.

The VC firm, through its investment arm CIF II Scheme I, will infuse INR 235 Cr in the new-age jewellery startup. Other participants include existing backers Premji Invest, which will inject INR 125 Cr, and Epiq Capital, which will invest INR 45 Cr.

The remaining funds will come from Edelweiss Discovery Fund and Usha Dalmia Trust.

GIVA declined to comment on Inc42’s queries on the fundraise, while questions sent to its cofounder Ishendra Agarwal did not elicit any response till the time of publishing the story.

Founded in 2019 by Agarwal, Nikita Prasad and Sachin Shetty, GIVA initially sold authentic 925 fine silver jewellery but later diversified into 14K and 18K gold and lab-grown diamond jewellery.

Besides its own website, the brand retails its products through physical stores it operates across the country and a shop-in-shop model with Shoppers Stop and other chains. Currently, it operates 199 stores spanning tier I & II cities like Bengaluru, Pune, Hyderabad, Mumbai, Delhi NCR, Ahmedabad, Dehradun, Surat, Indore, among others.

Inc42 reported in March that GIVA had secured INR 102 Cr in a mix of equity and debt from Alteria Capital and Northern Arc. At the time, the startup said it would use the funds to open new retail stores and other general corporate purposes.

Prior to that, it raised INR 255 Cr in its extended Series B funding round from a group of investors, including Premji Invest, Epiq Capital and Edelweiss Discovery Fund, in October 2024.

Overall, GIVA has raised about $102 Mn in funding till date. It also counts Aditya Birla Ventures, Alteria Capital and A91 Partners among its investors.

On the financial front, GIVA posted a 66% year-on-year jump in its operating revenue to INR 273.6 Cr in FY24. However, its net loss widened to INR 58.7 Cr from INR 45.2 Cr in the previous year, primarily due to a sharp increase in the cost of procuring metals.

GIVA competes with Tata Group-owned CaratLane, Kushal’s, Palmonas, Voylla, among others, in the Indian online jewellery market. Recently, Tiger Global-backed wealthtech startup Jar also launched its D2C jewellery brand Nek.

Meanwhile, GIVA’s rival BlueStone is gearing up for a public listing in 2025. Earlier this year, the Prosus-backed omnichannel jewellery startup received approval from markets regulator SEBI for its INR 1,000+ Cr IPO.

Courtesy: Inc42.com