Omnichannel jewellery startup Giva raises Rs 100 crore from Premji Invest: Report

Omnichannel jewellery startup Giva has reportedly raised Rs 100 crore (approximately $12 million) in an extended Series B funding round from Premji Invest, Entrackr reported.

Premji Invest is a private equity fund owned by Azim Premji which manages his $1 billion personal portfolios.

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Omnichannel jewellery startup Giva has reportedly raised Rs 100 crore (approximately $12 million) in an extended Series B funding round from Premji Invest, Entrackr reported.

Premji Invest is a private equity fund owned by Azim Premji which manages his $1 billion personal portfolios.

Premji Invest's continued investment in Giva

This is the third time Premji Invest has invested in the Bengaluru-based jewellery startup. In July 2023, the family office of Wipro founder Azim Premji led a Rs 270 crore investment in Giva during an earlier Series B round.

According to TheKredible, Giva’s current valuation is around Rs 2,000 crore, and it is expected to adjust with the fresh capital infusion.

Giva’s market presence

Initially founded as an affordable jewellery brand, Giva has since diversified its product range to include gold jewellery and lab-grown diamonds, broadening its customer base.

Founded by Ishendra Agarwal, the jewellery startup has expanded beyond its digital platform, opening around 110 physical stores across India. This omnichannel approach has helped the company enhance its presence and meet growing consumer demand.

In FY23, Giva’s revenue grew significantly, increasing by 96.4% to Rs 165 crore. However, this growth came with rising costs, as the company’s expenses doubled to Rs 212 crore during the same period. As a result, Giva’s losses widened by 2.36 times, reaching Rs 45 crore in FY23.