Bengaluru-based jewellery retailer GIVA has secured ₹975 crore (approximately $103 million) in a funding round led by Multiples Alternate Asset Management. The capital injection is intended to support the company’s offline retail expansion, manufacturing upgrades, and product portfolio growth, according to CEO Ishendra Agarwal.
The investment round included participation from existing investors Epiq Capital and the Edelweiss Discovery Fund. The transaction involved a mix of primary and secondary capital, as well as an employee stock option plan (ESOP) buyback valued at approximately ₹20-25 crore, which will benefit between 50 and 60 employees. While the company did not disclose its latest valuation, Agarwal stated it surpassed the previous round’s valuation of roughly ₹4,500-4,600 crore.
Expanding Retail Footprint
GIVA currently operates 425 stores across India and plans to add 160 new locations in the 2027 fiscal year. The company intends to shift its focus toward Tier II and Tier III cities, including Agra, Lucknow, Dehradun, and Kanpur. Currently, 70% of the brand’s retail presence is concentrated in metropolitan areas.
Offline retail currently accounts for 45% of GIVA’s revenue, while its direct-to-consumer online channel generates 55%. Agarwal stated that the company expects offline sales to eventually contribute 75-80% of total revenue within three years. Stores that have been operational for more than one year are currently profitable, contributing to narrowing EBITDA margins.
Manufacturing and Product Strategy
The company plans to invest in manufacturing capabilities in Jaipur and Mumbai. While GIVA outsources bulk manufacturing, it manages plating, finishing, and custom order production in-house. Agarwal noted that increased control over these processes is expected to improve product consistency.
Founded in 2019 as an online silver jewellery brand, GIVA has diversified into gold and lab-grown diamonds. Silver products currently account for 60% of revenue, with gold and lab-grown diamonds making up the remaining 40%. The company aims to achieve profitability on a profit after tax (PAT) basis by fiscal year 2028.