Bengaluru: GIVA has raised over $100 million in a funding round led by Multiples Alternate Asset Management, marking what the company describes as the largest investment in an Indian new-age jewellery brand. Existing investors Epiq Capital and Edelweiss Discovery Fund also participated in the round.The transaction, which includes exits by some of the company’s early investors, takes the overall deal size to around Rs 975 crore, according to founder and CEO Ishendra Agarwal. The company has not disclosed the split between primary and secondary capital or the valuation at which the transaction was closed. Agarwal said the valuation was at a premium to its previous round.The fresh capital will be deployed across three areas: expanding its offline retail network, strengthening in-house manufacturing capabilities and building inventory across product categories. The company is also looking to invest around Rs 100 crore in manufacturing, Agarwal told ET Retail in an interaction.”We have expanded aggressively. Right now, we have a store network of about 425 stores, and this year we have added about 160-plus stores. We are continuing our offline expansion, which is where we are deploying some amount of capital,” Agarwal said.The second priority is manufacturing. GIVA currently operates around three manufacturing facilities, which Agarwal described as relatively small, and plans to add further capabilities. The company believes greater control over manufacturing will help improve product quality and reduce the time taken to bring new designs to market.The third area is inventory. Agarwal said rising metal prices are prompting consumers to consider more accessible fine jewellery options, including silver and lower-carat gold, instead of conventional 22-carat gold jewellery. GIVA plans to expand its design range across these categories and invest in inventory to cater to the shift.The round also includes the company’s seventh employee stock ownership plan (ESOP) buyback, which Agarwal said would be its largest so far. The buyback will provide liquidity to employees, including some who have been with the company for several years and whose stock options have vested. The founder said the fundraise also offered an opportunity to provide exits to some of its older shareholders, including early backers India Fortune and Sixth Sense.Multiples will join GIVA’s board following the investment. Avendus Capital acted as the exclusive financial advisor to the company and its shareholders for the transaction.Growth and expansion plansThe fundraise comes as GIVA looks to sustain its growth momentum after expanding beyond its original digital-first silver jewellery business into gold and lab-grown diamonds.Founded in 2019, the Bengaluru-headquartered company has grown at over 70 per cent CAGR over the last three years, ending FY26 with revenue of around Rs 865 crore, according to the company. Agarwal said the company had closed the financial year with revenue of around Rs 850-860 crore, up from approximately Rs 520 crore in FY25.Founded in 2019, the Bengaluru-headquartered company has grown at over 70 per cent CAGR over the last three years, ending FY26 with revenue of around Rs 865 crore, up from approximately Rs 520 crore in FY25.The first half of the current financial year has also seen the company continue to grow at a similar pace, Agarwal said. In addition to network expansion, the brand is seeing double-digit same-store sales growth across both silver and gold jewellery with lab-grown diamonds.GIVA operates through its own website, e-commerce and quick-commerce marketplaces, as well as an expanding offline network. The company said in its press release that it has over 400 stores across India and Sri Lanka, with a presence in more than 80 cities. Over the next five years, it plans to expand its retail footprint to more than 1,000 stores across India.Heer by GIVA targets accessible fine jewellery marketAlongside its silver business, GIVA is building its gold and lab-grown diamond offering under Heer by GIVA. The company began selling gold jewellery with lab-grown diamonds around two-and-a-half years ago and carved it out as a separate brand about a year ago.Agarwal said the company sees a significant opportunity in the organised market for accessible fine jewellery. He claimed that Heer by GIVA is currently the country’s largest organised lab-grown jewellery brand, while GIVA also has the largest market share in silver jewellery, a category that remains largely unorganised.The brand currently offers jewellery in 9-carat, 14-carat and select 18-carat gold, with lab-grown diamonds, at price points ranging from around Rs 10,000 to Rs 30,000. The company plans to expand the range with more designs, higher-carat options and solitaires featuring lab-grown diamonds, with a target price point of around Rs 40,000-50,000.Agarwal said the opportunity lies in the gap between mass-market fashion jewellery and traditional fine jewellery, which is often priced above Rs 50,000. With rising gold prices, he believes this entry point is moving further upwards.”Earlier, the price point for fine jewellery used to be Rs 30,000-40,000. It is now becoming Rs 60,000-70,000 for a woman to buy fine jewellery. That is where we are becoming stronger and our market is becoming even larger,” he said.GIVA is looking to address this gap through silver jewellery priced between Rs 1,000 and Rs 10,000, and gold jewellery with lab-grown diamonds priced between Rs 10,000 and Rs 30,000-40,000.
