SUMMARY
- Giva has secured a funding of Rs 100 crore in its latest extended Series B round from Premji Invest.
- This represents its inaugural fundraising event for the year 2024.
- The Bengaluru-based company’s valuation is approximately Rs 2,000 crore.
Omnichannel jewelry company Giva has secured a funding of Rs 100 crore ($12 million approximately) in its latest extended Series B round from Premji Invest. This represents its inaugural fundraising event for the year 2024.
The company’s board has authorized the issuance of 68,028 Series B1 compulsorily convertible preference shares (CCPS) at a rate of Rs 14,700 per share to PI Opportunities Fund II (Premji Invest).
This investment marks the third for Premji Invest in Giva. The family office of Wipro founder Azim Premji had previously invested in Giva during its Series B round in July 2022, contributing a sum of Rs 270 crore.
The Bengaluru-based company’s valuation is approximately Rs 2,000 crore. This valuation is expected to be adjusted in light of the new investment, indicating an ongoing fundraising campaign.
With the newly raised funds, Giva has raised over $60 million from a diverse group of investors, including Aditya Birla Venture and A91 Partners.
Originally recognized for its affordable jewelry offerings, Giva has expanded its product portfolio to include gold and lab-grown diamonds. Beyond its digital presence, the company, under the leadership of Ishendra Agarwal, operates more than 110 physical stores across the country.
Giva’s core operations have experienced a significant growth, with earnings increasing by 96.4%, reaching Rs 165 crore in FY23. However, this growth has been accompanied by a doubling of expenses, reaching Rs 212 crore during the same period. This increase in spending has led to a notable escalation in losses, which have risen by 2.36 times to Rs 45 crore in FY23. The company has yet to disclose its financial results for FY24.
In recent months, the omnichannel jewelry sector has gained considerable attention from investors. Lab-grown jewelry brand Aukera has recently completed a Series A round, securing an investment of Rs 26.7 crore (approximately $3.2 million), while Vermeil jewelry brand Trisu has received an undisclosed amount in its pre-seed funding round.
Giva competes with several leading brands, including Melorra, Bluestone, CaratLane, and various other brands, both publicly and privately held.
