Indian fine jewellery retailer GIVA has raised over $100 million in a funding round led by Multiples Alternate Asset Management, according to an announcement.
Existing investors Epiq Capital and Edelweiss Discovery Fund also participated in the round.
The fresh capital will be used to expand the company’s offline retail footprint, strengthen its in-house manufacturing capabilities and build inventory across product categories.
“Since 2019, we have been building a brand that makes fine jewellery more accessible and relevant to the everyday lives of Indian consumers. What started as a digital-first silver jewellery business has evolved into a much larger proposition spanning silver, gold and lab-grown diamonds. The confidence both the consumers and the investors have shown in the proposition has been tremendous,” said Ishendra Agarwal, founder and CEO, GIVA.
Founded in 2019 by Agarwal and Nikita Prasad, Giva had raised $28 million through a multi-tranche debt funding round in May this year to support business growth, expansion plans and operational development.
Last year in June, the company had raised nearly $62 million (Rs 530 crore) in its Series C funding round led by growth-stage investment firm Creaegis.
GIVA currently operates over 400 stores across India and Sri Lanka, spanning Tier I and Tier II markets, and plans to expand its retail network to more than 1,000 outlets over the next three to five years.
Avendus Capital advised GIVA on the latest transaction.
