GIVA Raises ₹975 Cr Led By Multiples PE, Eyes 160 New Stores In FY27

Bengaluru-based D2C jewellery brand GIVA has raised ₹975 Cr (about $103 Mn) in a funding round led by Multiples Alternate Asset Management, with participation from existing investors Epiq Capital and Edelweiss Discovery Fund, as it looks to accelerate its offline expansion, strengthen manufacturing capabilities, and widen its product portfolio.

The transaction comprised a mix of primary and secondary capital, alongside an ESOP buyback, GIVA cofounder and CEO Ishendra Agarwal told Inc42.

Early investors India Quotient and Sixth Sense Ventures will partially exit through the transaction while retaining stakes, Agarwal said. Multiples will also secure a board seat.

GIVA’s seventh ESOP buyback, worth approximately ₹20-25 Cr, will benefit around 50-60 employees.

The latest valuation was not disclosed. Agarwal said it was higher than the approximately ₹4,500-4,600 Cr (about $422 Mn to $474 Mn) valuation of its previous publicly announced funding round.

GIVA reported revenue of ₹865 Cr in FY26 as against ₹505 Cr in FY25, according to Agarwal. Its negative EBITDA margin narrowed to single digits from double digits over the same period.

Agarwal attributed the improvement to its maturing store network. Stores operating for more than a year are profitable, he said, with rising same-store sales helping absorb rent and employee costs. GIVA expects to become profitable on a profit after tax (PAT) basis in FY28.

GIVA To Add 160 Stores, Invest In Manufacturing

GIVA operates around 425 stores across India and plans to add 160 outlets in FY27, with a greater focus on Tier II and III markets.

About 70% of its stores are in metros, with the remainder in smaller cities. It plans to deepen its presence in Lucknow, Dehradun, Kanpur, and Surat, while entering markets such as Agra.

Offline retail contributes approximately 45% of revenue, with its D2C channel accounting for 55%. Agarwal expects offline’s share to reach 75-80% over the next three years.

GIVA will also invest in manufacturing capabilities in Jaipur and Mumbai. It outsources bulk manufacturing but handles plating and finishing entirely in-house, along with customised and made-to-order products.

Greater control over plating and finishing would improve product quality and consistency, Agarwal said.

The startup also plans to expand inventory across silver, gold, and lab-grown diamond jewellery, particularly in the ₹10,000-40,000 price range.

Silver Remains Revenue Mainstay

Founded in 2019 as an online-first silver jewellery brand, GIVA has since expanded into gold and lab-grown diamonds.

Silver contributes around 60% of revenue, while gold and lab-grown diamond jewellery together account for 40%, Agarwal said.

Its average selling price (ASP) is around ₹3,500 for silver jewellery and ₹15,000–18,000 for lab-grown diamond jewellery. Blended average order value stands at approximately ₹5,000, with offline orders typically worth nearly twice as much as online purchases.

Within gold jewellery, 9-carat and 14-carat products are gaining traction. Introduced around four months ago, 9-carat gold jewellery now accounts for approximately 25% of its combined gold and lab-grown diamond business.

GIVA is also expanding its men’s portfolio, which contributes around 20% of its silver jewellery business.

Its recently launched demi-fine jewellery brand Ixia remains at an early stage. Agarwal said its revenue was doubling MoM, albeit on a small base.

Building Towards IPO Readiness

The addition of fine gold and lab-grown diamond jewellery has helped GIVA generate more revenue from existing customers. Agarwal said customer lifetime value has doubled among customers moving from silver to lab-grown diamond jewellery.

GIVA aims to become IPO-ready within two to three years, although an actual listing is at least three years away, he added.

The latest investment follows its ₹530 Cr Series C round in June 2025, led by Creaegis. Before the current transaction, GIVA had raised about $164 Mn from investors including PremjiInvest, Northern Arc, and Alteria Capital.

The transaction comes amid investor interest in India’s organised jewellery market, particularly lab-grown diamonds. According to Redseer, India’s lab-grown diamond market was valued at $300–350 Mn in 2024 and is projected to grow at a 15% CAGR over the following decade.

In July, Bengaluru-based Aukera raised ₹90 Cr in debt funding led by Alteria Capital to expand its stores and omnichannel infrastructure. Jewelbox and True Diamond also raised $3.2 Mn and $3 Mn, respectively, in rounds led by V3 Ventures and India Quotient.

The post GIVA Raises ₹975 Cr Led By Multiples PE, Eyes 160 New Stores In FY27 appeared first on Inc42 Media.