Premji Invest led an extended Series B round that raised Rs 100 crore ($12 million) for omnichannel jewelry startup Giva. This signifies the company’s first fundraising effort for 2024.
The board of Giva has approved a resolution to offer and issue 68,028 Series B1 compulsorily convertible preference shares (CCPS) to PI Opportunities Fund II (Premji Invest) for Rs 14,700 per share.
This is Premji Invest’s third investment in the Bengaluru-based Giva. In July of last year, the family office of Azim Premji, the founder of Wipro, had previously led a Rs 270 crore Series B round in Giva.
The value of Giva has been estimated by the media to be around Rs 2,000 crore. This seems to be a part of a current funding round, and the company’s valuation should change in line with the additional funding.
In addition to the new funding, the business has already raised over $60 million from investors including Aditya Birla Venture and A91 Partners.
Giva started out as an inexpensive jewelry line, but over time it has added gold jewelry and lab-grown diamonds to its portfolio. The Ishendra Agarwal-led company currently runs about 110 physical stores across the nation in addition to its website and app.
With a notable 96.4% increase, Giva’s operating revenue reached Rs 165 crore in FY23. Nonetheless, the company’s spending more than doubled, reaching Rs 212 crore in FY23. Its losses increased 2.36 times to Rs 45 crore in FY23 as a result of this dramatic cost increase. The company hasn’t formally released its FY24 financials.
Investor interest in the omnichannel jewelry market has increased recently. In its most recent Series A round, lab-grown jewelry company Aukera raised Rs 26.7 crore (roughly $3.2 million), while Vermeil jewelry company Trisu obtained an undisclosed sum in pre-seed funding.
Melorra, Bluestone, CaratLane, and a number of other well-funded and family-run companies are among the prominent competitors of Giva.
