GIVA Raises Over $100 Million Led by Multiples to Reach 1,000 Stores

Fine jewellery brand GIVA has raised over $100 million in a round led by Multiples Alternate Asset Management and its co-investors. The company plans to spend the money on stores, factories and its omnichannel business.

The deal takes GIVA's total funding past $258 million. The Bengaluru-based seller of sterling silver, gold and lab-grown diamond jewellery wants more than 1,000 outlets within three to five years, according to a press release. It now runs over 400 stores across India and Sri Lanka, with a presence in Tier-I and Tier-II markets.

What will the money fund?

GIVA sells through three channels: its own retail stores, its direct-to-consumer website, and third-party e-commerce and quick-commerce platforms. The fresh capital will go to three stated uses.

• Strengthen the leadership team
• Expand manufacturing capabilities
• Increase offline presence

The store target matters most. Doubling from 400-plus outlets to 1,000 means GIVA must open roughly 150 stores a year on average. That pace would push the brand deeper into Tier-II cities, where organised jewellery retail is still thin.

How fast is the company growing?

GIVA said it grew at a compound annual growth rate of over 70% in the past three years. It ended FY26 with revenue of around Rs 865 crore, according to the company. The FY26 financial statements are not yet filed.

The audited FY25 numbers show both sides of the growth story. Operating revenue rose 89% year-on-year to Rs 518 crore in FY25, while losses increased 22% to Rs 72 crore in the same period. In short, GIVA is buying growth with red ink, and the new equity buys time to fix that.

Where does this round fit?

The $100 million-plus cheque follows a busy funding stretch. GIVA raised $28 million in debt in May this year, a development Entrackr reported exclusively; that debt could form part of the current round. Earlier, in February, the company secured Rs 110 crore (around $12 million) in a Series C extension led by HPV CC1 Ltd.

The structure suggests Multiples is consolidating GIVA's recent raises into one larger growth round rather than funding the company piecemeal. Private equity firms typically do this when they want a controlling or influential stake ahead of a scaling push.

Who is GIVA up against?

The organised jewellery market in India is crowded and well-capitalised. GIVA competes with established players such as BlueStone, CaratLane, Melorra, Candere and Tanishq. Newer brands including Palmonas, Jewelbox, Limelight Lab Grown Diamonds, Fiona Diamonds and Firefly Diamonds also fight for the same shoppers.

That competitive set explains the manufacturing investment. Silver and lab-grown diamond jewellery carry thinner margins than gold, so controlling production costs more of the profit pool than store count alone.

The next test is visible in the numbers: GIVA must convert a $100 million cheque and 70% growth into a store network five times the size of CaratLane's at its peak acquisition, without letting losses climb at the 22% pace of FY25.