Silver jewellery brand Giva is finalising a Rs 150-200 crore funding round led by existing investors Premji Invest and Creaegis, with participation from Titan Capital and Kenro Capital, two people aware of the development told ET.
A mix of primary and secondary components, the deal would value the company at Rs 4,200-4,400 crore, or a slight mark-up from its last valuation, one of the persons said.
Growth equity firm A91 Partners, an early backer of Giva since 2021, is trimming its stake in the company as part of the latest round. The secondary portion of the transaction is being led by Kenro Capital, a secondaries-focused fund launched in 2024 by former Peak XV Partners managing director Piyush Gupta and ex-TR Capital director Norbert Fernandes.
This component of the deal values Giva at about Rs 3,800-3,900 crore. Secondary stake sales typically happen at a discount to the company's market value.
The company had last raised Rs 530 crore in June last year led by Creaegis – in a round that valued Giva at Rs 4,000 crore.
“A small secondary was being put together and the company has raised an equal amount of primary capital in this round too…but it has started work for a larger funding round of around Rs 550-600 crore, which it will likely close in the next three to four months,” another person said.
Founded in 2019 by Ishendra Agarwal and Nikita Prasad, Giva began as a silver jewellery brand and has since expanded into 14 karat and 18 karat gold, as well as lab-grown diamond jewellery.
Queries sent to Premji Invest, Creaegis and Kenro Capital went unanswered. A91 Partners also did not respond. Messages sent to Giva’s Agarwal and Titan Capital’s Kunal Bahl also did not elicit a response.
“Giva operates in an area between fashion accessories and heavy jewellery. Silver jewellery is a very large but highly fragmented market in India. There’s a clear trend emerging where customers are moving from heavy gold jewellery to silver and fashion jewellery,” an investor who has backed companies in this space said.
One of the persons cited above said that Giva is on track to clock around Rs 800-850 crore in revenue for fiscal 2026, which would be a 50-60% jump from FY25, when it reported a topline of Rs 518 crore. For fiscal 2025, Giva’s revenue had surged 89%, while its net loss increased to Rs 72 crore from Rs 59 crore in FY24.
Overall, the direct-to-consumer jewellery space has picked up significant investor interest over the last 12-15 months, including multiple early-stage startups raising capital. ET reported in November that actor Shraddha Kapoor’s demi-fine jewellery brand Palmonas is raising Rs 200-250 crore from private equity firm Xponentia Capital.
In September, Blume Ventures and Spring Marketing Capital led a Rs 48-crore round for lab-grown diamond brand Lucira. In April, another lab-grown diamond jewellery firm Jewelbox raised $3.2 million from investors led by V3 Ventures, while in March, Firefly Diamonds raised $3 million from WestBridge Capital.
Omnichannel jewellery retailer BlueStone listed on the exchanges in August last year following a Rs 1,540-crore initial public offering. The Accel-backed company on Thursday reported its first quarterly profit.
A mix of primary and secondary components, the deal would value the company at Rs 4,200-4,400 crore, or a slight mark-up from its last valuation, one of the persons said.
Growth equity firm A91 Partners, an early backer of Giva since 2021, is trimming its stake in the company as part of the latest round. The secondary portion of the transaction is being led by Kenro Capital, a secondaries-focused fund launched in 2024 by former Peak XV Partners managing director Piyush Gupta and ex-TR Capital director Norbert Fernandes.
This component of the deal values Giva at about Rs 3,800-3,900 crore. Secondary stake sales typically happen at a discount to the company's market value.
The company had last raised Rs 530 crore in June last year led by Creaegis – in a round that valued Giva at Rs 4,000 crore.
“A small secondary was being put together and the company has raised an equal amount of primary capital in this round too…but it has started work for a larger funding round of around Rs 550-600 crore, which it will likely close in the next three to four months,” another person said.
Founded in 2019 by Ishendra Agarwal and Nikita Prasad, Giva began as a silver jewellery brand and has since expanded into 14 karat and 18 karat gold, as well as lab-grown diamond jewellery.
Queries sent to Premji Invest, Creaegis and Kenro Capital went unanswered. A91 Partners also did not respond. Messages sent to Giva’s Agarwal and Titan Capital’s Kunal Bahl also did not elicit a response.
“Giva operates in an area between fashion accessories and heavy jewellery. Silver jewellery is a very large but highly fragmented market in India. There’s a clear trend emerging where customers are moving from heavy gold jewellery to silver and fashion jewellery,” an investor who has backed companies in this space said.
One of the persons cited above said that Giva is on track to clock around Rs 800-850 crore in revenue for fiscal 2026, which would be a 50-60% jump from FY25, when it reported a topline of Rs 518 crore. For fiscal 2025, Giva’s revenue had surged 89%, while its net loss increased to Rs 72 crore from Rs 59 crore in FY24.
Overall, the direct-to-consumer jewellery space has picked up significant investor interest over the last 12-15 months, including multiple early-stage startups raising capital. ET reported in November that actor Shraddha Kapoor’s demi-fine jewellery brand Palmonas is raising Rs 200-250 crore from private equity firm Xponentia Capital.
In September, Blume Ventures and Spring Marketing Capital led a Rs 48-crore round for lab-grown diamond brand Lucira. In April, another lab-grown diamond jewellery firm Jewelbox raised $3.2 million from investors led by V3 Ventures, while in March, Firefly Diamonds raised $3 million from WestBridge Capital.
Omnichannel jewellery retailer BlueStone listed on the exchanges in August last year following a Rs 1,540-crore initial public offering. The Accel-backed company on Thursday reported its first quarterly profit.
