Premji Invest, along with existing investors Aditya Birla Ventures, Alteria Capital, and A91 Partners, led a Series B round of funding for jewelry start-up GIVA that raised approximately $33 million.
According to a company spokesperson, in addition to equity, the Series B round also includes a secondary element that offers partial exits to current backers like Kunal Shah and First Cheque.
According to a press release from the company, GIVA intends to use the funds to increase its omnichannel presence and solidify its position as the go-to source for minimalist jewelry and inexpensive gift ideas.
With a lifetime replating service and a six-month warranty, GIVA, a 2019 startup, offers a variety of certified and curated silver jewelry offerings. The business claims to collaborate with top designers from around the world and introduce over 250 new designs each month.
The business, according to the company, specializes in genuine 925 fine silver jewelry and has just started selling pieces made of 14K and 18K gold as well as jewelry with lab-grown diamonds. Currently, it operates over 50 stores throughout India, and over the next five years, it plans to increase this number even more.
The Bengaluru-based company’s 2023 investment round is also its second this year. Anicut, India Quotient, and Kunal Bahl are just a few of the investors who have helped the company raise a total of $50 million to date through debt financing of $4.8 million in March.
In January of last year, the startup completed a $10 million Series A round sponsored by Sixth Sense Ventures and A91 Partners.
GIVA has not yet submitted its annual financial statements for FY23, but the company expects its revenue to more than double, from Rs 84.6 crore in FY22 to Rs 170 crore in FY23. The current annualized run rate, according to the company, is Rs 220 crore.
Competitors of GIVA include Tata-backed Caratlane, which says its revenue surpassed Rs 2,000 crore in FY23. In FY22, another rival, BlueStone, reported revenue of Rs 461 crore. The business didn’t submit its FY23 financials.
