Bengaluru, India – Giva, the omnichannel jewelry startup, has successfully raised ₹255 crore in an extended Series B funding round led by prominent investors including Premji Invest, Epiq Capital, and Edelweiss Discover Fund, along with contributions from its senior management team. The funding round comprises ₹89 crore in primary capital, with the remainder being secondary capital.

This funding round marks a significant milestone for Giva, as it enables early backers A91 Partners and India Quotient to partially exit with a combined return of ₹166 crore. Notably, Giva’s journey has seen impressive returns for its investors; First Cheque had previously realized a remarkable 33X return on its seed investment during last year’s Series B round.

Originally established as an affordable jewelry brand, Giva has broadened its product offerings to include gold jewelry and lab-grown diamonds. The company has made significant strides in expanding its physical presence, operating approximately 150 stores across India, and introducing a franchise-led model to enhance its reach. Alongside its e-commerce platform, Giva is well-positioned to capture a larger share of the market.

With this latest funding, Giva’s total capital raised now exceeds ₹690 crore. Prior to this round, India Quotient held the position of the largest external investor with a 14.13% stake, followed by Premji Invest and A91 Partners.

Although Giva has not yet disclosed its financial performance for FY24, the company reported a substantial 96.4% growth in revenue from operations, reaching ₹165 crore in FY23. However, it also faced increased losses, which widened to ₹45 crore during the same period.

In a competitive landscape, Giva is positioned alongside well-known players such as Melorra, Bluestone, CaratLane, and a variety of other funded and family-run brands, signaling a dynamic market for jewelry retail in India.