FUNDING
GIVA raises over $100 million in round led by Multiples PE to expand retail footprint
The Bengaluru-based D2C jewellery brand plans to scale its retail network to over 1,000 outlets across India and Sri Lanka.
Fine jewellery brand GIVA has raised over $100 million in a funding round led by private equity firm Multiples Alternate Asset Management and its co-investors. The Bengaluru-based company plans to use the fresh capital to expand its offline retail network to more than 1,000 outlets over the next three to five years, strengthen its senior leadership team, and build out internal manufacturing capabilities.
The investment comes as the company continues a shift from its direct-to-consumer (D2C) roots toward an omnichannel strategy across Tier I and Tier II markets. Reports indicate the total figure may include a $28 million debt facility raised by the company in May.
What happened
Multiples Alternate Asset Management led the round alongside its co-investors, bringing GIVA's total capital raised to date to over $258 million. Prior to this round, the startup closed a Rs 110 crore (around $12 million) Series C extension round in February, led by HPV CC1 Ltd.
Founded in 2019 by Ishendra Agarwal, GIVA sells fine jewellery spanning sterling silver, gold, and lab-grown diamonds. The startup sells products through its proprietary website, third-party e-commerce platforms, quick-commerce channels, and a growing brick-and-mortar footprint.
| Financial or Operational Metric | Figure reported | Period or Context |
|---|---|---|
| Total funding raised to date | Over $258 million | Cumulative |
| Latest equity round size | Over $100 million | Led by Multiples PE |
| May debt round | $28 million | May debt financing |
| Series C extension round | Rs 110 crore ($12 million) | February |
| Projected retail store target | 1,000+ stores | Next 3 to 5 years |
| Current store footprint | 400+ stores | India and Sri Lanka |
| Revenue from operations | Rs 865 crore | FY26 |
| Operating revenue | Rs 518 crore | FY25 |
| Net loss | Rs 72 crore | FY25 |
| Three-year revenue CAGR | Over 70% | FY23 to FY26 |
The brand currently operates over 400 physical stores across India and Sri Lanka, servicing both major urban centres and regional hubs.
Growth and financials
According to company figures, GIVA grew at a compound annual growth rate (CAGR) of over 70% over the past three years, ending FY26 with top-line revenue of approximately Rs 865 crore.
While GIVA has not yet filed its audited financial statements for FY26, filings for the previous financial year show rapid revenue scaling alongside widening operational losses. Operating revenue jumped 89% year-on-year to Rs 518 crore in FY25, up from FY24 levels. Over the same period, net losses widened by 22% to Rs 72 crore as the business invested heavily in store rollouts and marketing.
Why it matters
The commitment of over $100 million from a major private equity player underlines the shifting economics of Indian D2C consumer brands. Digital-first jewellery companies are finding that scaling beyond initial online demand requires substantial capital to fund physical store build-outs, inventory, and supply chain infrastructure.
By building out dedicated manufacturing capabilities, GIVA aims to improve gross margins and maintain tighter control over product turnarounds across gold, sterling silver, and lab-grown diamond categories. Expanding deeper into quick-commerce networks alongside traditional retail also signals how D2C brands are restructuring their distribution to capture diverse urban buying patterns.
Competitive context
India's organised fine jewellery segment has seen intense competition from both established incumbents and venture-backed startups.
GIVA competes directly against organized omni-channel players such as Titan-owned CaratLane, BlueStone, Melorra, Candere, and traditional giant Tanishq. In addition, a wave of specialized D2C startups targeting silver and lab-grown diamonds has emerged, including Palmonas, Jewelbox, Limelight Lab Grown Diamonds, Fiona Diamonds, and Firefly Diamonds.
As customer acquisition costs remain elevated online, the race among digital-native jewellery brands has turned toward securing prime high-street and mall real estate to drive offline conversion and brand trust.
What happens next
With the capital secured, GIVA will focus on scaling its store count from 400 to more than 1,000 over the next 36 to 60 months. The company will also deploy funds to recruit senior leadership roles across operations, manufacturing, and retail management as it scales production facilities to support its expanded offline store chain.