Giva: Omnichannel Jewelry Startup Raises Rs 270 Crore

Omnichannel jewelry startup Giva is preparing to secure Rs 270 crore (approximately $28 million) through a multi-tranche debt round, primarily led by BlackSoil Capital. The round also sees involvement from InCred Credit Fund, Stride Ventures, and Nuvama Crossover Yield Opportunities Fund. The funds are being raised through various debenture issuances. Specific amounts include Rs 90 crore from BlackSoil Capital, Rs 70 crore from InCred Credit Fund, Rs 40 crore from Nuvama Crossover Yield Opportunities, and Rs 70 crore from Stride Ventures, according to a filing reviewed by Startup Superb.

Debt Conditions and Utilisation

As outlined in the filing, the debt carries a fixed interest rate of 13.4% per annum, payable monthly. The intended use of the funds from this debt round encompasses working capital, capital investments for new store setups, and other general corporate needs.

About Giva

Established in 2019, Giva initially debuted as an affordable jewelry brand but has since diversified into gold jewelry and lab-grown diamonds. Under the leadership of Ishendra Agarwal, the company operates around 210 physical outlets across 25 cities in India, in addition to its website and mobile application. Giva adopted a franchise model to facilitate its expansion. Last year, the firm projected it would conclude FY26 with over 300 Giva locations nationwide.

Funding History

Giva has successfully raised over $158 million to date, including Rs 110 crore (close to $12 million) in its Series C extension round led by HPV CC1 Ltd in February this year. This new debt could be part of a more extensive equity and debt funding strategy.

Financial Performance

While the company’s FY26 figures are still pending, Giva reported a remarkable 89% surge in operational revenue for the fiscal year ending March 2025, reaching Rs 518 crore. In contrast, despite this growth, the company’s losses rose by only 22% year-on-year, totalling Rs 72 crore during the same timeframe.

Market Position

Giva faces competition from prominent organised jewellery players such as BlueStone, CaratLane, Melorra, Candere, and Tanishq, as well as from newer brands like Palmonas, Jewelbox, Limelight Lab Grown Diamonds, Fiona Diamonds, and Firefly Diamonds.