PE Fund Investments
Silver jewellery chain Giva attracts $35-M from Premji Invest, others; early investors exit
Premji Invest is leading an INR 270 crore (USD 35 million) Series B funding round in Bengaluru-based Giva, an omnichannel jewellery company. Existing investors A91 Partners and Aditya Birla PE will also participate in the round. While INR 200 crore is being raised as primary funding, around INR 70 crore would be a secondary stake sale from angel and early-stage investors who would partly exit. The company's valuation has reportedly doubled since it last raised USD 10 million in 2022. The primary capital will be used to expand its physical footprint across cities. Currently, about 85% of the sales come from the firm's online channels. Founded in 2019 by Ishendra Agarwal, Nikita Prasad and Sachin Shetty, Giva sells across third-party platforms, its app and offline stores. The company aims to take its store count to around 300 stores by the end of the current financial year from 50 presently. Currently, it is clocking an annualized revenue run rate of around INR 220 crore, up from INR 170 crore in FY 23.
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