Giva Raises Over $100 Million Led by Multiples in Jewellery Push

Bengaluru jewellery startup Giva has raised more than $100 million in a round led by Multiples Alternate Asset Management, with existing backers Epiq Capital and Edelweiss Discovery Fund participating. The company disclosed the deal in a statement on Tuesday. Avendus Capital acted as the exclusive financial advisor to Giva and its shareholders.

Founder and CEO Ishendra Agarwal told Mint the new valuation exceeds the ₹4,800 crore (roughly $575 million) tag from the previous round, but sits below the ₹6,000 crore figure Mint reported in August. The round mixes primary and secondary capital. India Quotient, Sixth Sense Ventures and some angel investors partially exited.

"The primary capital is for our own utilisation, while the secondary component is to give an exit to some of the older investors," Agarwal said in an interview with Mint.

The transaction also includes Giva's seventh ESOP buyback, which the company framed as recognition for employees. That is seven buybacks in roughly six years of existence — a notable cadence, though it also signals how much equity the company must recycle to retain staff while still loss-making.

Where will the money go?

Giva plans to split the capital across offline expansion, manufacturing capacity and working capital. It currently runs about 425 stores and expects to open roughly 160 this financial year, taking its footprint past 1,000 stores over the next few years.

"The capital will go towards offline expansion, manufacturing capabilities and working capital," Agarwal said.

The company wants to upgrade manufacturing to improve quality and speed up services such as lifetime plating and made-to-order jewellery. It operates one facility in Jaipur and outsources some production.

"Our first priority is to go deeper into tier II markets across the country," Agarwal said — a deliberate choice against near-term international expansion.

How fast is Giva growing?

Revenue reached about ₹865 crore in FY26, up 67% from ₹518 crore in FY25. "We are on track to scale with similar growth numbers for FY27," Agarwal said. The company has compounded at 70% annually over three years.

Profitability has not arrived. Giva posted single-digit negative Ebitda in FY26, an improvement from roughly ₹17 crore negative Ebitda a year earlier. "The game is to become Ebitda positive next year," Agarwal said. That is a target, not a result — the shortfall is shrinking, but still unquantified.

Why are investors drawn to fine jewellery?

India's jewellery market is projected to grow at a 6% CAGR to $124 billion by 2032. Sridhar Sankararaman, managing director at Multiples, said Giva has built a "loyal customer base that keeps coming back for both self-purchase and gifting."

"The timing is significant as everyday buying habits are shifting towards lightweight jewellery that can be worn daily," he added.

The product mix has shifted accordingly. "What started as a digital-first silver jewellery business has evolved into a much larger proposition spanning silver, gold and lab-grown diamonds," Agarwal said. Gold and lab-grown diamonds now contribute about 45% of revenue. A nine-carat gold line launched around four months ago already accounts for about 25% of gold sales.

Rising metal prices are accelerating the push toward accessible options: lower-carat gold, silver and lighter designs. "Consumers are moving towards more accessible alternatives of jewellery," Agarwal said. "Men's jewellery is picking up very well."

Silver demand was initially delayed this festive season, partly due to unseasonal rains hurting footfall around Karva Chauth, but picked up over the weekend and beat the company's forecast. Higher gold prices are pushing some gold buyers toward silver.

What about lab-grown diamonds?

Lab-grown diamond prices have stayed stable over the past eighteen months, rising about 5%, Agarwal said — countering fears of a broader decline. Giva has repriced larger-carat stones to stay competitive and is expanding beyond small stones into 0.5, 0.6 and one-carat diamonds, leveraging its existing brand and retail network.

Digital channels — website, app, marketplaces and quick-commerce — contribute about 55% of revenue; offline stores deliver the remaining 45%.

Founded in 2019 by Agarwal and Nikita Prasad, Giva previously raised ₹530 crore in a Series C led by Creaegis in June last year, with Premji Invest, Epiq Capital and Edelweiss Discovery Fund participating at about ₹4,800 crore valuation.

"Since our initial investment, we have seen Giva triple its revenues, integrate technology deeply across the business and expand its offerings from silver to gold and lab-grown diamond jewellery," said Chinmay Katdare, partner at Epiq Capital, which has tripled its exposure across multiple rounds.

The bet now rests on whether 70%-plus growth can continue while Giva converts a narrowing Ebitda loss into profit — and whether 1,000 stores can carry the margin, not just the momentum.