Jewellery startup Giva raises $100 mn in funding round led by Multiples PE, others

Jewellery startup Giva has raised over $100 million in a funding round led by Multiples Alternate Asset Management, alongside existing investors Epiq Capital and Edelweiss Discovery Fund.

While the company has not disclosed its valuation, Ishendra Agarwal, founder and chief executive officer of Giva, said it was higher than the ₹4,800 crore valuation at which it raised its previous round. He said the current valuation was between ₹4,800 crore and the ₹6,000 crore valuation previously reported by Mint in August.

The transaction also includes Giva’s seventh ESOP (employee stock ownership plan) buyback, reflecting the company’s commitment to recognising and rewarding employees, it said in a statement on Tuesday.

The round comprises both primary and secondary capital, with existing investors India Quotient, Sixth Sense Ventures and some angel investors partially exiting. “The primary capital is for our own utilisation, while the secondary component is to give an exit to some of the older investors,” Agarwal said in an interview with Mint.

Avendus Capital acted as the exclusive financial advisor to Giva and its shareholders.

This deal underscores rising investor interest in India’s organised fine jewellery market. India’s jewellery market is estimated to grow at a 6% compound annual growth rate (CAGR) to $124 billion by 2032.

Giva plans to deploy the fresh capital across three key areas- offline expansion, manufacturing capacity and working capital. The company currently operates around 425 stores and expects to open about 160 stores this financial year, taking its footprint to over 1,000 stores over the next few years.

“The capital will go towards offline expansion, manufacturing capabilities and working capital,” Agarwal said.

The company plans to expand its manufacturing capabilities to improve product quality and speed up services such as lifetime plating and made-to-order jewellery. It currently has a manufacturing facility in Jaipur, while some production is outsourced.

Giva is also looking to deepen its presence in tier II markets rather than prioritising international expansion in the near term. “Our first priority is to go deeper into tier II markets across the country,” Agarwal said.

The company reported revenue of about ₹865 crore in FY26, compared with ₹518 crore in FY25 and is targeting growth at a similar pace in FY27. “We are on track to scale with similar growth numbers for FY27,” Agarwal said.

The Bengaluru-based startup has grown at a 70% CAGR over the last three years, but is yet to turn profitable. Giva reported a single-digit negative Ebitda in FY26, an improvement from a negative Ebitda of about ₹17 crore in the year earlier. “The game is to become Ebitda positive next year,” Agarwal said.

Giva has been building a "loyal customer base that keeps coming back for both self-purchase and gifting,” said Sridhar Sankararaman, managing director at Multiples Alternate Asset Management.

“The timing is significant as everyday buying habits are shifting towards lightweight jewellery that can be worn daily,” he added.

“What started as a digital-first silver jewellery business has evolved into a much larger proposition spanning silver, gold and lab-grown diamonds,” Agarwal said.

The company's gold and lab-grown diamonds together contribute about 45% to its overall revenue. Its nine-carat gold jewellery offering, launched around four months ago, already accounts for about 25% of its gold sales, Agarwal said.

Accessible options

Rising precious metal prices are also pushing consumers towards more accessible jewellery options, including lower-carat gold, silver and lightweight designs. “Consumers are moving towards more accessible alternatives of jewellery,” he said.

In silver, Agarwal said demand was initially delayed this festive season, partly due to unseasonal rains that affected footfall in some markets during Karva Chauth. However, demand picked up over the weekend and eventually performed better than the company had forecast. He added that higher gold prices were also prompting some gold consumers to shift towards silver.

Giva is also seeing a shift towards men's jewellery, lower-carat gold and lighter-weight pieces. “Men's jewellery is picking up very well,” Agarwal said, adding that consumers were increasingly looking for lighter designs as jewellery budgets had not risen at the same pace as metal prices.

The company currently derives about 55% of its revenue from digital channels, including its website, app, e-commerce marketplaces and quick-commerce platforms, while offline stores contribute the remaining 45%, he said.

On lab-grown diamonds, Agarwal said Giva was benefiting from its existing brand recognition and retail distribution network. He said prices in the segment had remained stable over the past one-and-a-half years, rising about 5%, contrary to concerns about a broader price decline.

The company has adjusted pricing for larger-carat diamonds to remain competitive, while looking to expand its offering beyond smaller stones into diamonds of 0.5 carat, 0.6 carat and one carat.

Founded in 2019 by Agarwal and Nikita Prasad, Giva previously raised ₹530 crore in a Series C funding round led by growth-stage investment firm Creaegis in June last year. Existing investors Premji Invest, Epiq Capital and Edelweiss Discovery Fund also participated in the round, which valued the company at about ₹4,800 crore.

“Since our initial investment, we have seen Giva triple its revenues, integrate technology deeply across the business and expand its offerings from silver to gold and lab-grown diamond jewellery,” said Chinmay Katdare, partner at Epiq Capital, which has tripled down on its investment in Giva over multiple rounds.