Giva: Omnichannel Jewelry Startup Raising Rs 450 Crore in Series C Funding
Giva, an omnichannel jewelry startup, is positioned to secure Rs 450 crore, or $53 million, in its Series C funding round, with Creaegis spearheading the investment alongside Premji Invest, Epiq Capital, and others.
As revealed in a regulatory filing accessed from the Registrar of Companies (RoC), Giva’s board approved the issuance of 1,73,430 Series C CCPS at an issue price of Rs 25,947 each to facilitate this funding.
Funding Details
Creaegis will lead the funding round with an investment of Rs 235 crore, equivalent to $27.6 million, while Premji Invest is set to contribute Rs 125 crore, or $14.7 million. Additionally, Epiq Capital and Edelweiss Discovery Fund will invest Rs 45 crore and Rs 35 crore, respectively. The remaining Rs 10 crore will be provided by Usha Dalmia Trust.
Utilization of Funds
The funds raised will be allocated towards operational expenses including hiring, marketing, general corporate activities, and other outlined costs in the business strategy, as stated in the filing.
Debt and ESOP Pool Expansion
Besides equity capital, Giva has also acquired Rs 30 crore in debt from Alteria Capital, as indicated in a separate filing. The company has expanded its Employee Stock Option Plan (ESOP) pool by an additional 15,853 equity shares worth Rs 41 crore, bringing the total pool value to Rs 203 crore, or $24 million.
Valuation and Growth Estimates
According to estimates from Startup Superb, the valuation of the company is expected to reach approximately Rs 3,950 crore ($465 million), signifying a twofold increase from the previous funding round, which valued Giva at Rs 255 crore.
Company Background
Founded in 2019, Giva initially started as an accessible jewelry brand and has since expanded into gold jewelry and lab-grown diamonds. Under the leadership of Ishendra Agarwal, the company now operates nearly 150 physical stores across India, alongside its website and mobile application, having adopted a franchise-led model to enhance its market presence.
Funding History and Stake Distribution
As reported by various sources on startup data intelligence, the Bengaluru-based company has accumulated over $85 million to date. Before this funding round, founder Ishendra Agarwal owned a 25.10% stake, with Premji Invest holding 17.13%, India Quotient 13.38%, and A91 Partners 9.58%.
Fiscal Performance
For the fiscal year that concluded in March 2024, the omnichannel jewelry brand experienced a 66% increase in operating revenue, rising from Rs 165 crore in FY23 to Rs 274 crore in the current fiscal year. However, losses also escalated by more than 30% to Rs 59 crore during the same timeframe.
Market Competition
Giva faces competition from several prominent players in the market, including Bluestone, which recently submitted its Draft Red Herring Prospectus (DRHP) for a Rs 1,000 crore initial public offering (IPO), as well as CaratLane, Melorra, and a myriad of both funded and family-operated physical and omnichannel brands.