FUNDING

GIVA raises $100 million in funding round led by Multiples PE

The Bengaluru-based jewellery brand plans to add 160 stores in FY27 as it targets profitability by FY28.

By KaroStartup News Engine

Bengaluru-based fine jewellery brand GIVA has raised over $100 million (Rs 975 crore) in a funding round led by Multiples Alternate Asset Management, with participation from existing investors Epiq Capital and Edelweiss Discovery Fund.

The deal consists of both primary and secondary capital alongside GIVA's seventh employee stock ownership plan (ESOP) buyback. Early backers India Quotient and Sixth Sense Ventures, along with select angel investors, partially exited their positions while retaining equity in the business. GIVA founder and chief executive officer Ishendra Agarwal told Inc42 that the ESOP buyback is valued at approximately Rs 20-25 crore and will cover 50 to 60 employees. Multiples Alternate Asset Management will also gain a seat on GIVA's board of directors as part of the transaction.

Avendus Capital served as the exclusive financial advisor to GIVA and its shareholders for the transaction.

While GIVA did not officially state a final valuation figure, Agarwal said the valuation sits above the company's previous benchmark of Rs 4,800 crore (about $422 million to $474 million reported in earlier rounds), ranging between Rs 4,800 crore and Rs 6,000 crore. Sources cited by VCCircle placed the valuation near Rs 4,800 crore.

Financial performance at a glance

Why it matters

For investors and brand operators, GIVA's transaction demonstrates continued private equity appetite for organised retail brands converting online traction into heavy physical store networks. Consumer buying habits in India are shifting from traditional heavy occasion-wear toward daily-wear lightweight jewellery across silver, gold, and lab-grown diamonds.

Multiples PE's entry provides GIVA with growth-stage capital to transition from a venture-funded D2C startup into a large-scale omnichannel retailer capable of absorbing substantial offline capital expenditure.

Store expansion and manufacturing plans

Founded in 2019 by Ishendra Agarwal, Aditya Labroo, and Nikita Prasad, GIVA operates around 425 stores across India and Sri Lanka in over 80 cities. The business plans to open 160 outlets in FY27, with targeted growth focused on Tier II and Tier III locations including Lucknow, Dehradun, Kanpur, Surat, and Agra.

Metros currently account for 70% of GIVA's store footprint. Offline retail contributes 45% of total revenue, while its D2C channel accounts for 55%. Agarwal stated that the company expects offline retail's share of revenue to reach 75-80% over the next three years.

To support this retail push, GIVA plans to invest in in-house manufacturing capabilities located in Jaipur and Mumbai. While GIVA outsources bulk production, it manages plating, finishing, and custom made-to-order products internally to retain control over product quality.

Revenue growth and unit economics

GIVA reported revenue of approximately Rs 865 crore in FY26, up from Rs 505 crore (or Rs 518 crore as reported in financial filings) in FY25. The company recorded a compound annual growth rate of over 70% across the last three financial years.

According to Agarwal, GIVA narrowed its negative EBITDA margin to single digits in FY26 from double digits in FY25. Stores operating for longer than 12 months have achieved store-level profitability, enabling same-store sales growth to cover central rental and labor expenses. GIVA targets net profit after tax (PAT) profitability by FY28.

Market landscape and competition

India's overall jewellery market is projected to grow at a 6% compound annual growth rate to reach $124 billion by 2032. GIVA competes directly with established organised retailers including Tanishq, CaratLane, BlueStone, Melorra, and Candere, alongside emerging daily-wear and lab-grown diamond brands such as Palmonas, Jewelbox, Limelight Lab Grown Diamonds, Fiona Diamonds, and Firefly Diamonds.