Jewellery startup GIVA has raised Rs 270 crore [$33 million approximately] in a Series B round led by Premji Invest and participation from existing investors, including Aditya Birla Ventures, Alteria Capital, and A91 partners.
Besides equity, the Series B round also has a secondary component that provides partial exits to existing backers such as Kunal Shah and First Cheque, according to a company spokesperson.
GIVA plans to use the funds to expand its omnichannel presence and consolidate its position as the go-to platform for minimalistic jewellery and affordable gifting options, the company said in a press release.
Founded in 2019, GIVA provides a range of certified and curated offerings in silver jewellery with a lifetime replating service and a 6-month warranty. The company says it works with leading designers around the world and launches over 250 new designs every month.
According to the company, it deals in authentic 925 fine silver jewellery and has recently begun offering 14K and 18K gold and lab-grown diamond jewellery. It has over 50 stores across India right now and plans to further expand its presence in the next five years.
That said, it is also the second investment round for the Bengaluru-based company in 2023. In March, the firm raised $4.8 million in debt, bringing the total funds raised to date to $50 million from investors including Anicut, India Quotient and Kunal Bahl.
The startup closed a Series A round worth $10 million led by Sixth Sense Ventures and A91 Partners in January last year.
While GIVA is yet to file its annual financial statements for FY23, the company projects over two-fold growth in its revenue to Rs 170 crore in FY23 from Rs 84.6 crore during FY22. As per the company, it is currently at an annualised run rate of Rs 220 crore.
GIVA competes with Tata-backed Caratlane, which claims to have crossed the Rs 2,000 crore revenue mark during FY23. Another competitor, BlueStone, posted a revenue of Rs 461 crore during FY22. The company did not file its FY23 numbers.
