GIVA Jewellery, a fine jewellery brand, has closed its extended Series B funding round at ₹255 crore from Premji Invest, Epiq Capital, Edelweiss Discover Fund, and the top management of GIVA.
While the company did not disclose the valuation, but the round was a higher valuation than before. The funding round, comprising 35 per cent primary and 65 per cent secondary investments, saw a partial exit of A91 Partners and India Quotient.
This new capital injection will be used for its expansion plans, bolstering its offline presence across India, augmenting its lab-grown diamond offerings, and enabling strategic investor exits.
“This investment serves as a resounding endorsement of GIVA’s transformative vision for the fine jewellery industry. We welcome Premji Invest and Epiq Capital as valued partners, leveraging their expertise to propel our ascent.”
“Our focus remains steadfast on holding our position as the no.1 silver jewellery player in the market with further fortifying our lab-grown diamond segment, broadening our gold offerings, and consolidating our market presence,” said Ishendra Agarwal, Founder, and CEO of GIVA Jewellery.
The company raised a total of ₹525 crore in its Series B round, of which ₹255 crore is from secondary transaction. In July 2023, the company had raised ₹270 crore, where ₹200 crore came from a Series B funding round led by Azim Premji’s family office, Premji Invest.
The round had ₹70 crore from secondary sales of shares to facilitate partial exits for early shareholders, it had shared in a statement.
“We are impressed by GIVA team’s strong commitment and relentless drive to build a best-in-class shopping experience for fine jewellery customers. We are excited to increase our investment as we partner with GIVA on their growth journey.”, said Kaveesh Chawla, Partner, Premji Invest.
Moving forward, GIVA will prioritize strengthening its lab-grown diamond segment through strategic partnerships and innovations, expanding its gold offerings to cater to discerning consumers, and enhancing its market presence through targeted marketing initiatives.