GIVA has raised approximately ₹975 crore ($103 million) in a funding round led by Multiples Alternate Asset Management, with participation from existing investors Epiq Capital and Edelweiss Discovery Fund. The Bengaluru-based jewellery startup plans to use the capital to expand its retail network, strengthen manufacturing capabilities and increase inventory across silver, gold and lab-grown diamond jewellery.
The transaction includes both primary and secondary investments, meaning part of the money will go towards GIVA’s business expansion while some existing shareholders will sell portions of their holdings. The company currently operates around 425 stores and aims to expand its network to more than 1,000 outlets over the next three to five years.
Multiples PE Leads ₹975 Crore Funding Round
The latest funding round was led by Multiples Alternate Asset Management, an India-focused private equity investment firm.
Existing investors Epiq Capital and Edelweiss Discovery Fund also participated in the transaction.
The funding includes a combination of primary capital, secondary share sales and an employee stock ownership plan (ESOP) buyback.
The primary investment will provide fresh capital to GIVA, while the secondary component will allow some existing investors to partially exit their holdings.
Early investors India Quotient and Sixth Sense Ventures are among those selling part of their stakes while retaining investments in the company.
The transaction also includes GIVA’s seventh ESOP buyback, valued at approximately ₹20–25 crore, benefiting around 50–60 employees.
Multiples will receive a board seat as part of the investment.
The company has not disclosed its exact valuation. Founder and CEO Ishendra Agarwal indicated that the latest valuation was higher than its previous publicly reported valuation of approximately ₹4,800 crore.
GIVA Plans to Expand to 1,000 Stores
A major portion of the new capital will support GIVA’s offline retail expansion.
The company currently operates approximately 425 stores across India and Sri Lanka, with a presence in more than 80 cities.
It plans to add around 160 stores during FY27, with a greater focus on Tier II and Tier III markets.
The longer-term objective is to expand its retail network to more than 1,000 outlets over the next three to five years.
The company is targeting cities such as Lucknow, Dehradun, Kanpur and Surat while exploring additional markets, including Agra.
GIVA currently generates approximately 45% of its revenue through physical stores, while digital channels contribute the remaining 55%.
These digital channels include its website, mobile application, e-commerce marketplaces and quick-commerce platforms.
However, the company wants offline retail to contribute approximately 75–80% of its revenue over the next three years.
Physical stores are important for jewellery businesses because customers often prefer examining designs, checking product quality and trying jewellery before purchasing.
Expanding its store network could also help GIVA increase customer trust and strengthen its presence beyond major metropolitan markets.
Manufacturing Expansion to Improve Product Quality
GIVA will also invest in strengthening its manufacturing capabilities.
The company currently operates a manufacturing facility in Jaipur, while outsourcing a significant portion of its production.
It handles plating and finishing in-house, along with customised and made-to-order jewellery.
The company wants to expand these capabilities to improve quality control, product consistency and turnaround times.
Manufacturing investments will also support services such as lifetime plating and customised jewellery orders.
The company believes greater control over production and finishing can improve the customer experience as its retail network expands.
Working capital is another priority for the new funding.
A larger store network requires higher inventory levels across different jewellery categories, designs and price points. Additional capital will help GIVA maintain product availability while expanding its physical presence.
GIVA’s Revenue Reaches ₹865 Crore in FY26
GIVA has recorded rapid revenue growth over the past few years.
According to founder Ishendra Agarwal, the company generated approximately ₹865 crore in revenue during FY26, compared with ₹518 crore in FY25.
This represents year-on-year growth of approximately 67%.
The company has also reported a compound annual growth rate of more than 70% over the past three years.
| Financial metric | FY25 | FY26 |
|---|---|---|
| Revenue | ₹518 crore | ₹865 crore |
| Revenue growth | — | Approximately 67% |
| EBITDA performance | Loss of around ₹17 crore | Single-digit negative EBITDA margin |
Although revenue has increased significantly, GIVA is yet to achieve profitability.
However, its negative EBITDA margin narrowed to single digits in FY26, compared with a double-digit negative margin in the previous financial year.
Agarwal said the company aims to become EBITDA-positive in FY27 and achieve profitability on a profit-after-tax basis in FY28.
The company attributes improving operating economics partly to its maturing store network. Stores operating for more than a year are reportedly profitable, while higher same-store sales are helping absorb rental and employee expenses.
Silver Remains GIVA’s Largest Jewellery Category
GIVA started as a digital-first silver jewellery brand in 2019 and has gradually expanded into gold and lab-grown diamonds.
Silver continues to contribute approximately 60% of its overall revenue.
Gold and lab-grown diamond jewellery together account for the remaining 40–45%, according to management disclosures across recent reports.
The company’s strategy is to offer jewellery at different price points rather than focusing exclusively on traditional high-value gold products.
Its portfolio includes:
- Sterling silver jewellery
- 9-carat and 14-carat gold jewellery
- Lab-grown diamond jewellery
- Men’s jewellery
- Children’s jewellery
- Customised and made-to-order products
The company has also reported growing demand for lower-carat gold jewellery.
Its 9-carat gold collection, launched around four months before the funding announcement, has already become a meaningful contributor to its gold and lab-grown diamond business.
GIVA’s strategy reflects changing consumer preferences, particularly among younger buyers looking for lightweight jewellery suitable for everyday use.
Why Everyday Jewellery Is Attracting Investors
India’s jewellery market has traditionally been dominated by gold, particularly for weddings, festivals and investment-related purchases.
However, rising precious metal prices have encouraged some consumers to explore more affordable alternatives.
Silver jewellery, lower-carat gold and lab-grown diamonds provide customers with different price points and design options.
GIVA is targeting this shift by positioning itself around everyday jewellery and gifting rather than only traditional occasion-based purchases.
Its omnichannel model also allows customers to discover products online and purchase them through physical stores or digital platforms.
India’s jewellery market is estimated to grow at approximately 6% annually to reach $124 billion by 2032, according to estimates cited in coverage of the funding round.
This growth opportunity has attracted investors to organised jewellery retailers and newer brands focused on accessible products.
GIVA’s Competitive Landscape
GIVA operates in an increasingly competitive organised jewellery market.
Its competitors include established brands and newer digital-first companies.
Some of the prominent competitors are:
- CaratLane: A jewellery retailer owned by Titan.
- BlueStone: An omnichannel jewellery retailer that has expanded its physical store network.
- Tanishq: Titan’s established jewellery brand.
- Palmonas: A newer jewellery brand targeting affordable and contemporary designs.
- Limelight Lab Grown Diamonds: A specialist in lab-grown diamond jewellery.
GIVA’s expansion into gold and lab-grown diamonds places it in competition with businesses operating across multiple price segments.
Its ability to build brand loyalty, maintain product quality and expand its retail network will be important as competition increases.
GIVA Moves Towards IPO Readiness
The latest funding round also strengthens GIVA’s financial position as it prepares for its next stage of growth.
Founder Ishendra Agarwal has indicated that the company aims to become IPO-ready within two to three years, although an actual public listing is expected to be at least three years away.
IPO readiness would require continued revenue growth, improved profitability, stronger corporate governance and more mature financial reporting systems.
The company’s latest investment provides capital to support expansion, but its ability to improve operating margins will remain important before approaching public markets.
The Bigger Picture
GIVA’s $100 million-plus funding round highlights growing investor interest in India’s organised jewellery market, particularly businesses offering affordable and everyday-wear products. Rising gold prices, changing consumer preferences and the expansion of digital retail have created opportunities for brands operating beyond traditional jewellery formats.
The investment also reflects a shift in how jewellery startups are building their businesses. Rather than remaining online-only brands, companies such as GIVA are investing heavily in physical stores, manufacturing infrastructure and inventory. This strategy can improve customer trust and product accessibility, but it also requires substantial capital and disciplined cost management.
Looking Ahead
GIVA’s immediate priorities will be opening approximately 160 stores in FY27, strengthening manufacturing and expanding its product portfolio. The company will also need to improve its EBITDA performance and move towards its stated profitability targets. Its ability to increase offline sales without allowing retail expenses to grow disproportionately will be an important measure of the expansion strategy.
For India’s jewellery industry, GIVA’s latest funding round demonstrates the scale of investment available to brands targeting younger consumers and everyday purchases. The next phase will test whether the company can turn its rapid revenue growth and expanding retail footprint into sustainable profits. Its progress towards IPO readiness will depend on achieving that balance.
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