Omnichannel jewelry startup Giva has raised Rs 100 crore (approximately $12 million) in an extended Series B funding round from Premji Invest, marking its first fundraise in 2024. The investment comes through the PI Opportunities Fund II, with Giva’s board approving the issuance of 68,028 Series B1 compulsorily convertible preference shares (CCPS) at Rs 14,700 per share.
This is the third time Premji Invest, the family office of Wipro founder Azim Premji, has backed Giva. Previously, Premji Invest led a Rs 270 crore Series B round in July 2023. With this latest capital infusion, Giva’s valuation is estimated at around Rs 2,000 crore, according to TheKredible. The funding round is ongoing, and Giva’s valuation is expected to adjust with the new investments.
To date, the Bengaluru-based company has raised over $60 million, drawing support from prominent investors like Aditya Birla Venture and A91 Partners. Giva, initially launched as an affordable jewelry brand, has since diversified into gold jewelry and lab-grown diamonds. Under the leadership of Ishendra Agarwal, Giva now operates 110 physical stores across India, in addition to its website and app.
In FY23, Giva experienced a 96.4% surge in revenue, reaching Rs 165 crore. However, the company’s expenses doubled to Rs 212 crore, leading to a 2.36X increase in losses, which widened to Rs 45 crore for the same period. Giva has not yet disclosed its FY24 financials.
The omnichannel jewelry market has been attracting significant investor attention. Lab-grown jewelry brand Aukera recently raised Rs 26.7 crore (approximately $3.2 million) in a Series A round, while Vermeil jewelry brand Trisu secured pre-seed funding. Giva competes with other notable players like Melorra, Bluestone, and CaratLane, as well as a range of family-led brands in the sector.
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