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Economic Times
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Jewellery brand Giva raises Rs 225 crore more from Premji Invest, Epiq Capital and others
- Jewellery brand Giva raised INR 225 crore through its extended series B round of funding led by Premji Invest with the participation of Edelweiss Discover Fund, Epiq Capital, and the company’s management.
- Giva plans to use the funds to enhance its offerings of lab-grown diamonds and expand its offline presence in India.
- The company recently secured INR 200 crore as part of the same series B round of funding in July.
- Giva will continue to go ahead with its offline expansion journey and extend its lab-grown diamond offerings.
- The demand for lab-grown diamonds is rising because they are significantly cheaper while offering the same appearance as natural diamonds.
- Currently, Giva operates around 160 stores, mainly in Bengaluru and Delhi and plans to open more than a hundred stores in other cities annually.
- Approximately 45% of Giva's total sales come through its website, 40% from offline stores, and the remaining 15% from third-party platforms.
- Giva has achieved net revenue of INR 255 crore and expects a revenue of INR 480-500 crore for FY24.
- The company reported a revenue of INR 167.1 crore in FY23, nearly double of the previous year, but losses widened to INR 45.2 crore.
- Giva is targeting an IPO within the next two years.
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