Giva raises over $100 million led by Multiples PE

Jewellery startup Giva has raised over $100 million in a funding round led by Multiples Alternate Asset Management. Existing investors Epiq Capital and Edelweiss Discovery Fund also participated.

Giva did not disclose its valuation. Founder and chief executive Ishendra Agarwal said it is higher than the ₹4,800 crore at which the company raised its previous round, and below the ₹6,000 crore valuation Mint reported in August.

The round mixes primary and secondary capital. Existing investors India Quotient, Sixth Sense Ventures and some angel investors partially exited, and the deal includes Giva’s seventh employee stock ownership plan buyback. Avendus Capital was the exclusive financial advisor to Giva and its shareholders.

Giva is a Bengaluru-based jewellery brand founded in 2019 by Agarwal and Nikita Prasad. It began as a digital-first silver jewellery business and now also sells gold and lab-grown diamond pieces.

Gold and lab-grown diamonds together account for about 45% of revenue. About 55% of revenue comes from digital channels, including its website, app, e-commerce marketplaces and quick-commerce platforms, and the rest from stores.

Giva reported revenue of about ₹865 crore in FY26, up from ₹518 crore in FY25. It is not yet profitable, with a single-digit negative Ebitda in FY26, and Agarwal said the aim is to turn Ebitda positive next year.

The fresh capital is earmarked for offline expansion, manufacturing capacity and working capital. Giva runs around 425 stores and expects to open about 160 this financial year, with a longer-term target of over 1,000.

It has a manufacturing facility in Jaipur, while some production is outsourced. The company plans to expand its manufacturing capabilities to improve product quality and speed up services such as lifetime plating and made-to-order jewellery.

The deal comes as India’s organised fine jewellery market is estimated to grow at a 6% compound annual rate to $124 billion by 2032. Rising precious metal prices are pushing consumers towards more accessible options, including lower-carat gold, silver and lightweight designs.

Giva’s nine-carat gold line, launched around four months ago, already makes up about 25% of its gold sales. Agarwal said the company’s first priority is going deeper into tier II markets in India rather than prioritising international expansion in the near term.

”The timing is significant as everyday buying habits are shifting towards lightweight jewellery that can be worn daily,” said Sridhar Sankararaman, managing director at Multiples Alternate Asset Management.