Premji Invest led the Series B investment round in which Giva Jewellery raised Rs 200 crore, the company disclosed on Wednesday.
Premji Invest led the Series B investment round in which Giva Jewellery raised Rs 200 crore, the company disclosed on Wednesday. Existing investors Aditya Birla Ventures, Alteria Capital, and A91 Partners also participated in the round.
The jewellery maker apparently also completed a secondary sale for Rs 70 crore in addition to the fundraising. The names of the participants in the secondary sale were kept a secret by Giva.
The company, which has over 50 physical locations nationwide and is based in Bengaluru, focuses in silver jewelry. The business received $17 million in the capital in its prior round from investors like AngelList, IQ Capital, Titan Capita, and India Quotient.
The investment in Giva also comes at a time when direct-to-consumer businesses are becoming more attracted to omnichannel strategies in the wake of a decline in demand for garments and jewellery. In the Indian market for jewels sold exclusively online, Giva contends with companies like Melorra and BlueStone.
Silver jewellery represents a $4 billion market opportunity in India, with less than 7% of the market being organised. With its emphasis on exquisite silver jewellery, creative options, and client-centricity, Giva has become a category leader. According to Varun Khandelwal, Principal, Investments, Premji Invest, “We are thrilled to partner with Giva in its next growth phase and help build a leader in the space with a truly omnichannel play.”
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