GIVA Raises Over $100 Million Led by Multiples PE to Fund 1,000-Store Push

Fine jewellery brand GIVA has raised more than $100 million in a funding round led by Multiples Alternate Asset Management and its co-investors. The Bengaluru-based company plans to use the capital to push its retail footprint past 1,000 outlets over the next three to five years, according to a press release.

The round may also absorb $28 million in debt that GIVA raised in May, a development Entrackr reported exclusively. Beyond store expansion, the fresh capital is earmarked for strengthening the leadership team, scaling manufacturing capabilities and deepening the company's omnichannel presence.

What does this change for GIVA's competitive position?

Plenty. GIVA already operates more than 400 stores across India and Sri Lanka, spanning both Tier I and Tier II markets. Tripling that network in under five years would put it in direct contention with India's organised jewellery heavyweights — BlueStone, CaratLane, Melorra, Candere and Tanishq — along with newer challengers such as Palmonas, Jewelbox, Limelight Lab Grown Diamonds, Fiona Diamonds and Firefly Diamonds.

The company sells jewellery across three materials: sterling silver, gold and lab-grown diamonds. Distribution runs through its own retail stores, a D2C website, and third-party e-commerce and quick-commerce platforms. That multi-channel base is what the new money is designed to scale.

The growth numbers behind the cheque

GIVA says it has compounded at over 70% annually for the past three years, closing FY26 with revenue of roughly Rs 865 crore. To put that in perspective: that's about $100 million in annual revenue — matching the size of the round itself — for a company founded only in 2019 by Ishendra Agarwal.

The audited picture is thinner, since FY26 financials haven't been filed yet. In FY25, GIVA's operating revenue grew 89% year-on-year to Rs 518 crore. Losses widened 22% to Rs 72 crore in the same period — meaning the company burned roughly Rs 14 in losses for every Rs 100 of revenue it booked.

A well-capitalised cap table

The new round takes GIVA's total fundraising past $258 million. Earlier this year, in February, the company raised Rs 110 crore — around $12 million — in a Series C extension led by HPV CC1 Ltd. The May debt raise of $28 million added further firepower before Multiples stepped in.

That funding stack matters for practitioners watching the segment. India's jewellery market has long been dominated by legacy players like Tanishq, but venture and private equity money has spent the last decade backing digital-first challengers. GIVA's $100 million-plus round is one of the largest commitments in that wave, and it signals that investors still see room for scale plays in silver and lab-grown diamonds — categories that carry lighter price points than traditional gold.

The road from here

The bet now rests on execution. GIVA needs to convert a 70% growth record into store-level economics across hundreds of new locations while narrowing a loss line that grew 22% last filing year. If the FY26 numbers show losses shrinking alongside that Rs 865 crore revenue, the Multiples-led round looks like a scaling story. If not, GIVA will be raising into a much tougher question at its next round.