Giva, the innovative omnichannel jewelry startup, has made headlines by raising Rs 100 crore (around $12 million) in an extended Series B funding round. This round, led by Premji Invest, marks Giva’s first fundraising effort in 2024, setting an optimistic tone for the year ahead.
Investment Highlights
In a recent board resolution, Giva approved the issuance of 68,028 Series B1 compulsorily convertible preference shares (CCPS) at a price of Rs 14,700 each to PI Opportunities Fund II, which is part of Premji Invest. This investment is significant as it represents Premji Invest’s third engagement with Giva, having previously led a substantial Rs 270 crore Series B round last July.
Current Valuation
According to estimates from TheKredible, Giva’s valuation stands at around Rs 2,000 crore. This latest funding round is part of a continuous effort to secure more capital, and the recent influx is expected to positively influence the company’s valuation.
Expanding Offerings
Giva originally launched with a focus on affordable jewelry but has since broadened its horizons to include exquisite gold jewelry and lab-grown diamonds. Under the leadership of Ishendra Agarwal, the company has expanded its physical presence to approximately 110 stores nationwide, complementing its robust online platform.
Financial Growth and Challenges
Giva’s journey has been impressive, with a remarkable 96.4% growth in revenue from operations, which hit Rs 165 crore in FY23. However, this growth came with challenges, as the company’s expenses also surged, reaching Rs 212 crore. This led to a significant increase in losses, which amounted to Rs 45 crore in FY23. While Giva has not shared its financial results for FY24 yet, the numbers from the previous year illustrate both the potential and the hurdles ahead.
Industry Landscape
The omnichannel jewelry space is buzzing with excitement and investment interest. Recently, lab-grown jewelry brand Aukera raised Rs 26.7 crore (approximately $3.2 million) in its Series A round, and Vermeil brand Trisu secured an undisclosed amount in pre-seed funding. In this competitive landscape, Giva finds itself alongside notable brands such as Melorra, Bluestone, and CaratLane, as well as a variety of other funded and family-led competitors.
Giva’s innovative approach and strategic expansions position it well in this thriving market, making it a brand to watch in the coming years.
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