Giva Secures Rs 100 Crore in Series B1 Funding from Premji Invest
Bengaluru-based omnichannel jewelry startup Giva has received a fresh injection of Rs 100 crore ($12 million approximately) in an extended Series B round from Premji Invest. This investment marks the company’s first fundraise in 2024.
As part of the deal, Giva’s board has approved the issue of 68,028 Series B1 compulsorily convertible preference shares (CCPS) at a price of Rs 14,700 per share to PI Opportunities Fund II, Premji Invest’s investment arm. This marks Premji Invest’s third investment in Giva, following a Rs 270 crore Series B round led by the family office of Wipro founder Azim Premji in July last year.
Estimated to be valued at approximately Rs 2,000 crore, Giva has now raised over $60 million from investors such as Aditya Birla Venture, A91 Partners, and others. The company initially launched as an affordable jewelry brand, but has since expanded its offerings to include gold jewelry and lab-grown diamonds. Giva operates around 110 physical stores across the country, in addition to its website and app.
Giva reported a significant revenue growth of 96.4% in FY23, reaching Rs 165 crore, however its expenditure doubled to Rs 212 crore, leading to a significant spike in losses, which widened to Rs 45 crore in FY23.
The omnichannel jewelry space has attracted significant investor attention in recent times, with other players such as Lab-grown jewelry brand Aukera raising Rs 26.7 crore in its Series A round, and Vermeil jewelry brand Trisu securing an undisclosed amount in pre-seed funding. Giva competes with notable players in the market, including Melorra, Bluestone, CaratLane, and other funded and family-led brands.
