Giva, the omnichannel jewellery startup, has raised Rs 100 crore (approximately $12 million) in an extended Series B round led by Premji Invest. This latest investment marks Giva’s first fundraising effort in 2024 and continues the long-standing partnership with Premji Invest, the investment arm of Wipro founder Azim Premji’s family office.
The board of Giva approved the issuance of 68,028 Series B1 compulsorily convertible preference shares (CCPS) at Rs 14,700 per share to PI Opportunities Fund II, operated by Premji Invest. This marks the third investment by Premji Invest in Giva, following a Rs 270 crore Series B funding round in July 2023.
With the fresh capital infusion, Giva has now raised over $60 million from key investors, including Aditya Birla Venture and A91 Partners.
Launched as an affordable jewellery brand, Giva has expanded its product offerings to include gold jewellery and lab-grown diamonds. The startup operates through a diversified omnichannel strategy, selling products via its website, mobile app, and a network of approximately 110 physical stores across India.
Giva’s financial growth has been notable, with its revenue nearly doubling by 96.4% to reach Rs 165 crore in FY23. However, this surge in revenue came at the cost of rising expenses, which jumped to Rs 212 crore, leading to a widening of losses to Rs 45 crore during the same period. The company has yet to reveal its financial performance for FY24.
The omnichannel jewellery space has seen increased investor interest lately. Lab-grown jewellery brand Aukera recently raised Rs 26.7 crore ($3.2 million) in a Series A round, while Vermeil jewellery brand Trisu secured an undisclosed amount in pre-seed funding. Giva faces competition from other notable players in the industry, including Melorra, Bluestone, and CaratLane.
