GIVA raises Rs 530 Cr in Series C round led by Creaegis

Omnichannel jewelry startup GIVA has raised Rs 530 crore (around $61.5 million) in a Series C round led by growth-stage investor Creaegis. The round also saw participation from existing backers Premji Invest, Epiq Capital, and Edelweiss Discovery Fund. 

Entrackr recently reported on GIVA’s funding round. According to startup data intelligence platform TheKredible, GIVA has raised over $146 million to date.

The Bengaluru-based brand plans to use the fresh capital to grow its retail and digital presence, strengthen its tech-enabled supply chain, deepen its lab-grown diamond portfolio, and foray into new product categories.

Founded in 2019 by Ishendra Agarwal and Nikita Prasad, GIVA began with 925 sterling silver jewellery and has since expanded into 14K/18K gold and lab-grown diamonds. 

It currently operates over 240 physical stores across India and aims to add another 145–150 outlets this year, with a focus on tier II cities. 

“The addition of Creaegis as lead investor is a key milestone for us,” said Ishendra Agarwal, founder of GIVA. “Their experience in scaling digital-first, consumer-focused businesses aligns with our vision of enhancing the fine jewellery experience through omnichannel expansion and tech-driven operations.”

In the fiscal year ending March 2024, GIVA reported a 66% increase in operating revenue to Rs 274 crore from Rs 165 crore in FY23. However, the company’s net loss also widened by over 30% to Rs 59 crore during the same period.

GIVA operates in a highly competitive market that includes major players like Bluestone, which has filed for a Rs 1,000 crore IPO, along with CaratLane, Melorra, and several other well-funded or family-owned jewellery brands known for their strong physical and omnichannel presence.