Bengaluru-based direct-to-consumer jewellery brand GIVA has raised ₹975 crore in a funding round led by Multiples Alternate Asset Management, aiming to expand its offline retail footprint and enhance manufacturing capabilities while accelerating product line diversification.
- Raised ₹975 Cr in funding led by Multiples PE
- Plans 160 new stores targeting smaller cities in FY27
- Aims for profitability and IPO readiness within three years
What happened
GIVA secured ₹975 crore (about $103 million) in a fresh funding round led by Multiples Alternate Asset Management, with participation from existing investors including Epiq Capital and Edelweiss Discovery Fund. This round included a mix of primary and secondary capital as well as an ESOP buyback benefiting 50-60 employees, marking the startup’s seventh such buyback. Early investors India Quotient and Sixth Sense Ventures partially exited but retained significant stakes, while Multiples obtained a board seat.
Since its last known valuation of ₹4,500-4,600 crore, GIVA’s valuation has increased though the exact figure is undisclosed. The company reported ₹865 crore revenue in FY26 versus ₹505 crore in FY25, with a significant reduction in negative EBITDA margin owing to its mature and profitable store network. GIVA aims to achieve profit after tax (PAT) by FY28.
Why it matters
GIVA’s success underscores growing investor confidence in India’s organised jewellery market, particularly in the direct-to-consumer and lab-grown diamond segments. The brand’s shift to an offline retail-heavy model—currently 45% revenue offline, expected to reach 75-80%—reflects a strategic expansion into Tier II and III cities, critical for mass-market growth.
By investing in manufacturing facilities in Jaipur and Mumbai, GIVA seeks to gain better control over finishing and plating processes to improve product quality and consistency. Expanding its silver, gold, and lab-grown diamond assortments across a broader price range supports deeper customer engagement and greater lifetime value, especially as customers upgrade from silver to higher-value products.
What to watch next
GIVA’s planned addition of 160 stores in FY27, with a focus on growing presence in cities like Lucknow, Dehradun, Kanpur, and Surat and entering new markets such as Agra, is critical to watch as offline retail increasingly drives overall sales. Monitoring same-store sales trends and profitability metrics from these new and existing locations will provide insight into the brand’s scaling efficiency.
The company’s IPO readiness trajectory over the next two to three years merits close observation, with potential listing expected beyond three years. Additionally, how GIVA’s newer product lines like lab-grown diamond and men’s jewellery perform in terms of sales velocity and customer adoption, alongside the growth of its demi-fine jewellery brand Ixia, will be key indicators of brand diversification success.