Omnichannel jewelry startup Giva has successfully raised $12 million (INR 100 crore) in an extended Series B round led by Premji Invest. This funding marks the first capital raised by Giva in 2024, boosting its financial strength as the company continues to grow.
Givaās board passed a resolution approving the issuance of 68,028 Series B1 Compulsorily Convertible Preference Shares (CCPS) to PI Opportunities Fund II (Premji Invest) at INR 14,700 per share. Notably, this is the third investment by Premji Invest, following its INR 270 crore Series B round in July 2023.
With this fresh funding, Givaās valuation was previously pegged at INR 2,000 crore. Still, this number is expected to rise, reflecting its growing market presence. The company has now raised over $60 million, with participation from prominent investors like Aditya Birla Venture and A91 Partners, signaling robust investor confidence in its business model.
Givaās Strategic Expansion and Product Diversification
Giva, led by CEO Ishendra Agarwal, initially focused on affordable jewelry. However, the company has expanded into gold and lab-grown diamonds to cater to a broader audience. With 110 physical stores strategically placed across India, Giva complements its online presence with a solid retail footprint.
In FY23, Givaās revenue from operations surged by 96.4 percent, reaching INR 165 crore. Despite this strong growth, rising costs pushed total expenses to INR 212 crore, leading to losses of INR 45 crore. Strategic investments like the recent Series B round aim to strengthen Givaās financial resilience and reduce these operational losses moving forward.
The omnichannel jewelry space is witnessing increased investor interest, with brands like Aukera and Trisu also securing significant funding. Giva faces competition from major players such as Melorra, Bluestone, and CaratLane. However, with Premji Investās continued support, Giva can capitalize on new opportunities, innovate its offerings, and further its market leadership.
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