Bengaluru-based omnichannel Jewellery startup Giva has raised Rs 255 crore in an extended series B funding round. This news is more significant since it enables financial muscles for future growth. The funding round is accredited to the leads of prominent investment firms such as Premji Invest, Epiq Capital, and Edelweiss Discover Fund. All these investment firms had been part of the funding and formed the top management at Giva.
The round is a mix of primary and secondary investments, with 35% coming in as primary capital and 65% from the sale of secondary shares. The latter helped early investors, including A91 Partners and India Quotient, to take partial exits and realize some liquidity while allowing new investors to enter at the same price points. Giva now has raised its total Series B funding round to Rs 525 crore. In the earlier round, Giva received Rs 270 crore, which was raised in July 2023.
Footprint Deepening by Retail Outlets Enlargement
Giva will speed up its growth plans by enlarging offline retail operations in India. It will inject fresh capital courtesy of this round as Giva has built a powerful presence through its omnichannel strategy, which combines online and offline sales. Currently, Giva operates 150 retail points and plans to open many others using the company-owned model and franchise to enter new markets.
Diversification of Product Line: Lab-Created Diamonds and Gold
In addition to these expansion moves in its retail business, Giva is also looking to expand its product lines. The firm has been doing great in the lab-grown diamond sector, which it forayed into in 2023. Lab-grown diamonds represent a nascent market for consumers who are progressively concerned about purchasing sustainable and ethically sourced goods. They are a more sustainable alternative to mined diamonds.
The new capital will help Giva expand on this front, positioning itself as an industry leader in lab-grown diamonds. Gold jewellery is one area where Giva will strengthen its concentration, given the unfolding tastes of Indian consumers, who always aspire for luxury, quality, and affordability in one go.
Ishendra Agarwal, founder and CEO of Giva, says, “We are excited to work with Premji Invest and Epiq Capital as we continue our growth trajectory. We will continue to focus on building ourselves as India’s number one silver jewellery brand and growing our lab-grown diamond and gold jewellery businesses to meet evolving consumer preferences better. ”
Giva’s Growth Story
The extended funding round speaks to investors’ confidence in the business model and the potential of the business in the future. Kaveesh Chawla, Partner at Premji Invest, said of the startup’s dedication towards a better customer experience: “The Brand has demonstrated strong commitment toward building a unique shopping experience for lovers of jewellery. We are thrilled to increase our investment and continue to support Giva in this mission.“.
According to Navani, Rishi Navani, managing partner and founder of Epiq Capital, also shared a similar view of strong market positioning. “We are excited to partner with the brand on their journey. Their focus on design innovation, customer satisfaction, and affordability makes them well-positioned to scale in India’s growing jewellery market,” he added.
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