Online jewellery brand GIVA raises Rs 270 Cr
Of the total, Rs 200 crore came from a Series B round of funding led by Azim Premji’s family office, Premji Invest. Returning investors Alteria Capital and A91 Partners also participated in the round.
Bengaluru-based online silver jewellery brand has raised Rs 270 crore, of which Rs 200 crore came from a Series B round of funding led by Azim Premji’s family office, Premji Invest. Returning investors Alteria Capital and A91 Partners also participated in the round.
The Series B round also had a secondary component. GIVA secured Rs 70 crore from secondary sales of shares to facilitate partial exits for early shareholders, according to a statement. It did not disclose the names of investors who made an exit.
The new round is likely to value the company at slightly over $250 million, a 2X jump from its previous valuation, a company source confirmed to YourStory. GIVA was last valued at $133 million post-money in December 2022, per market research platform Tracxn.
GIVA declined to comment on the valuation.
With the current round, GIVA will expand its offline presence by adding close to 400 stores across tier I and II cities, Ishendra Agarwal, Co-founder and CEO of GIVA told YourStory. At present, the brand clocks 85% of its sales online, he said.
The company now aims to create a phygital (physical plus digital) experience.
"We look forward to leveraging Premji Invest's playbook on omnichannel across several consumer brands and retail businesses to strengthen our leadership position and establish our pan-India presence,” Agarwal said in a statement.
This will also help the company improve its EBITDA, he added.
"Because of the online presence there is already brand awareness, so with each additional store we won't have to increase marketing spend as much," he said.
In the coming months, the company will also renew its focus on men's jewelry. "We launched just a chain for men's segment first, and it was an absolute hit," Agarwal said, "Over the next five to six months, we will be looking to expand the men's range as well as it is an area of growth we would like to tap into."
Founded in 2019 by Agarwal, Nikita Prasad, and Sachin Shetty, GIVA is an online silver jewelry store. It reported revenue of Rs 170 crore in the financial year 2021-2022 and estimates a run rate of Rs 220 crore for FY23.
Edited by Affirunisa Kankudti