The online-first silver jewellery brand has raised fresh capital, and most of its next chapter will be written in physical stores in smaller cities.
Key takeaways
- Bengaluru-based GIVA has raised ₹975 crore (about $103 million) in a round led by Multiples Alternate Asset Management.
- Existing investors Epiq Capital and Edelweiss Discovery Fund joined; the round mixed fresh capital, secondary sales and an ESOP buyback.
- FY26 revenue rose to ₹865 crore from ₹505 crore in FY25, about 71% growth.
- GIVA runs about 425 stores and plans 160 more in FY27, mostly in tier II and III cities.
- It aims for PAT-level profit in FY28 and to be IPO-ready in two to three years.
How much has GIVA raised and why? GIVA has raised ₹975 crore, led by Multiples PE, to fund rapid store expansion, manufacturing and a wider range of silver, gold and lab-grown diamond jewellery. The brand, which started online in 2019, now gets about 45% of revenue from offline stores and expects that share to rise to 75% to 80% within three years.
What are the details of the deal?
The round, reported by Inc42 on 3 November 2026, combines primary and secondary capital. Multiples led it, with existing backers Epiq Capital and Edelweiss Discovery Fund participating. India Quotient and Sixth Sense Ventures sold part of their holdings but remain investors. Multiples will take a board seat.
The deal also includes GIVA’s seventh ESOP buyback, worth about ₹20 crore to ₹25 crore, benefiting roughly 50 to 60 employees.
GIVA did not disclose its new valuation. CEO Ishendra Agarwal said it is higher than the last publicly reported valuation of about ₹4,500 crore to ₹4,600 crore, from its ₹530 crore Series C in June 2025 led by Creaegis.
How is GIVA’s business doing?
Growth is strong and losses are narrowing.
| Metric | Figure |
|---|---|
| FY26 revenue | ₹865 crore |
| FY25 revenue | ₹505 crore |
| EBITDA margin | Negative, narrowed to single digits from double digits |
| Stores today | About 425 |
| New stores planned in FY27 | 160 |
| Revenue mix | About 55% D2C online, 45% offline |
| Profit target | PAT positive in FY28 |
Agarwal said stores that have been open for over a year are profitable. Offline orders are roughly double online orders, according to the company, which helps explain the push into stores.
What do Indian customers buy from GIVA?
Silver is still the core, at about 60% of revenue. Gold and lab-grown diamonds (LGD) make up the other 40%.
| Product detail | Figure |
|---|---|
| Average selling price, silver | About ₹3,500 |
| Average selling price, lab-grown diamond | About ₹15,000 to ₹18,000 |
| Blended average order value | About ₹5,000 |
| 9-carat gold share of gold and LGD business | About 25% (launched about four months ago) |
| Men’s share of silver sales | About 20% |
GIVA says customers who move from silver to LGD jewellery double their lifetime value. That is why it plans to deepen inventory in the ₹10,000 to ₹40,000 range across silver, gold and LGD.
Why is a D2C brand opening so many stores?
GIVA’s story mirrors a wider shift among Indian D2C brands. Online gets a brand discovered cheaply, but jewellery is a high-trust purchase that many customers want to see and touch. About 70% of GIVA’s current stores are in metros, so the next leg is smaller cities: it plans to deepen presence in Lucknow, Dehradun, Kanpur and Surat, and enter Agra.
It is also investing in manufacturing in Jaipur and Mumbai. Bulk production is outsourced, but plating and finishing are done in-house to control quality.
The lab-grown diamond bet is a big part of the plan. Redseer has estimated India’s LGD market at $300 million to $350 million in 2024, growing at about 15% a year over the next decade. Other players are raising money too: Aukera raised ₹90 crore in debt in July, while Jewelbox and True Diamond have raised smaller rounds.
What it means for India’s ecommerce and D2C scene
- For shoppers: expect more GIVA stores in tier II and III cities, and more mid-priced gold and LGD options, not just silver.
- For D2C founders: GIVA shows that investors will back omnichannel brands that can prove store-level profitability. Profitable mature stores are a key part of its pitch.
- For investors: GIVA says it wants to be IPO-ready in two to three years, with an actual listing at least three years away. It joins a long line of Indian consumer brands preparing for public markets.
- For marketers: a 9-carat gold line reaching a quarter of the gold and LGD business in four months shows how quickly price-led product innovation can scale.
This article is for information only and is not investment advice.
FAQs
Who led GIVA’s ₹975 crore round?
Multiples Alternate Asset Management led the round, with participation from existing investors Epiq Capital and Edelweiss Discovery Fund. Multiples will get a board seat.
What is GIVA’s valuation?
GIVA has not disclosed it. Its CEO said the new valuation is higher than the previously reported ₹4,500 crore to ₹4,600 crore.
Is GIVA profitable?
Not yet at the company level. Its negative EBITDA margin has narrowed to single digits, stores older than a year are profitable, and it targets PAT profitability in FY28.
How many GIVA stores are there?
GIVA has about 425 stores and plans to add 160 in FY27, with a focus on tier II and III cities.
What are lab-grown diamonds?
Lab-grown diamonds are real diamonds made in a laboratory rather than mined. They usually cost less than mined diamonds, which is why brands like GIVA see them as a way to attract new buyers.
When will GIVA go public?
GIVA says it aims to be IPO-ready in two to three years, but an actual listing is at least three years away.