13.1 C
New Delhi
Saturday, December 21, 2024

D2C GIVA raises INR 255 cr to expand offline presence

Published:

GIVA, a direct-to-consumer (D2C) jewellery brand, has raised INR 255 crore ($30.3 million) in its expanded Series B funding round. The investment came from Premji Invest, Epiq Capital, and Edelweiss Discover Fund.

Investments allow exit for A91 Partners and others

According to Inc42, the funding round, with 35% primary and 65% secondary investments, allowed partial exits for A91 Partners and India Quotient. The new capital will help GIVA expand its offline presence in India, increase its lab-grown diamond offerings, and support strategic investor exits.

Continue Exploring: Key consumer trends shaping India’s market: Insights from Deloitte-FICCI Report on FMCG, retail, and e-commerce growth

In a media release, Ishendra Agarwal, founder and CEO of GIVA Jewellery quoted after investments, “Our focus remains steadfast on holding our position as the no.1 silver jewellery player in the market with further fortifying our lab-grown diamond segment, broadening our gold offerings, and consolidating our market presence.”

GIVA to expand lab-grown diamond segment with partnerships

Moving forward, The brand plans to strengthen its lab-grown diamond segment with strategic partnerships and innovations. It will also expand its gold offerings to meet consumer needs. The company aims to boost its market presence with targeted marketing efforts.

Established in 2019 by Ishendra Agarwal, Nikita Prasad, and Sachin Shett, GIVA trades in genuine 925 fine silver jewellery. It later expanded into 14K and 18K gold and lab-grown diamond jewellery. The brand has its own stores nationwide and also sells through Shoppers Stop and other chains.

Continue Exploring: Tata Soulfull targets double-digit growth in three-four years 

GIVA secures INR 270 crore in 2023

In the previous year, The brand secured INR 270 crore ($32.9 million) in Series B funding, led by Premji Invest. Existing investors Aditya Birla Ventures, Alteria Capital, and A91 Partners also joined. Of the total, INR 200 crore was primary funding, while INR 70 crore came from a secondary stake sale, allowing some early investors to exit.

Meanwhile, GIVA’s operating revenue surpassed INR 100 crore in the financial year ending March 31, 2023. Their revenue jumped 97% to INR 165 crore in FY23, up from INR 84 crore the year before. However, their net loss increased 138% to INR 45.2 crore from INR 19 crore, as their total spending more than doubled to INR 212.3 crore from INR 104 crore.

Subscribe to our Newsletter!

Stay updated on the latest news, trends, and top startups with Snackfax's daily newsletter!

Related articles

Recent articles