PC: Indian Retailer
Giva, the Indian omnichannel jewelry startup, announced a $34 million extended Series B round, building on a strong indicator of the Indian startup ecosystem. The round was led by a mix of investors including Premji Invest, Epiq Capital, Edelweiss Discover Fund, and Giva’s senior management team.
Significant in this round of funding is the commitment of Rs 89 crore as primary capital, and it betrays the strategic intent of Giva in enhancing its presence in all offline channels while broadening its product offerings. The infusion of secondary capital further spells out the company’s commitment to sustainable financial management and investor relations.
Partial exit for early backers: Early investors of Giva, A91 Partners and India Quotient, partially exited the firm through secondary capital. This shows that the value of the startup has increased and is a wonderful journey for early investors of the startup. First Cheque also witnessed a fabulous 33X return on seed investment in Giva during the Series B round, indicating robust growth in the company and investor confidence.
Fund infusion will drive Giva’s plans to expand, more so with its offline footprint as well as through product portfolio diversification. Strategically building affordability and innovation, the Ishendra Agarwal-led company has transformed a brand that originated as an affordable jewelry brand into one that not only offers gold jewelry but also lab-grown diamonds.
Giva’s omnichannel approach, which includes its online platform, mobile app, and a network of 150 physical stores across the country, shows the company’s dedication to providing customers with a seamless experience. A franchise-led model with the introduction of franchisee-led expansion marks another step in the company’s vision for nationwide market penetration and customer engagement.
Giva has risen to a cumulative total of over Rs 690 crore. Hence, the organization stands well in place with its credibility in this competitive jewelry market. Key investors such as India Quotient, Premji Invest and A91 Partners have fueled support from leading industry players, thus propelling the company to further heights with growth and innovation.
While Giva’s FY24 performance is yet to be announced, the company reported a robust increase in revenue by 96.4% in FY23 at Rs 165 crore. This focus of Giva on higher revenue expansion and expansion through its growing market presence highlights an appropriate strategic long-term approach towards growth which also comprises resilience in a dynamic market environment.
In a space as competitive as Melorra, Bluestone, and CaratLane, Giva stands out owing to its distinctive propositions in product offerings and multi-channel marketing through shrewd strategic vision. In these days when the company takes the next step along this trajectory of growth, freshly infused by funding, all eyes are on Giva, the jewel of India’s jewelry landscape.
