GIVA grabs Rs 450 Cr funding from Creaegis Investment, existing investors
Jewellery brand GIVA has raised Rs 450 crore in a round led by Creaegis Investment and existing investors to scale retail and lab-grown diamond sales.
Jewellery brand GIVA has raised Rs 450 crore in a round led by Creaegis Investment and existing investors, less than a year after it closed its extended Series B round of Rs 255 crore.
According to regulatory filings, the Board of the Ishendra Agarwal-led company passed a resolution on May 26 to issue 1.73 lakh Series C compulsorily convertible preference shares (CCPS) at Rs 25,947 apiece to investors.
The funds were raised at a post-money valuation of Rs 3,950 crore, YourStory has estimated.
The omnichannel jewellery brand raised Rs 235 crore from Creaegis Investment, along with an infusion of Rs 124 crore from returning investors Premji Invest, and 44 crore from Epiq Capital. Edelweiss Discovery Fund and Usha Dalmia Trust also offered Rs 34 crore and Rs 10 crore cheques in what is likely to be the company's Series C fundraise.
GIVA, which competes with Tata-backed CaratLane, Palmonas, and a host of lab-grown diamond startups, saw its FY24 operating revenue grow 66% to Rs 274 crore. However, the cost of procurement of metals took a toll on its topline, with its losses ballooning 30% year-over-year to Rs 59 crore.
According to the latest regulatory filings, the company is projecting an operating revenue of Rs 809 crore with a PBT of Rs 10 crore for FY26.
In October last year, GIVA Jewellery closed its extended Series B funding round at Rs 525 crore from Premji Invest, Epiq Capital, Edelweiss Discover Fund, and the top management of GIVA. The round was a mix of primary and secondary capital, and offered partial exits to early backers like A91 Partners and India Quotient.
The funds were primarily being raised to support the company's retail expansion as well as supporting the company's focus on lab-grown diamond offerings.
Edited by Kanishk Singh