Bengaluru jewellery brand GIVA has raised over $100 million in a funding round led by Multiples Alternate Asset Management. The round, worth about Rs 975 crore, also drew participation from existing investors Epiq Capital and Edelweiss Discovery Fund.
The deal mixes new capital with secondary transactions, and it includes GIVA’s seventh employee stock ownership buyback. About Rs 20 crore to Rs 25 crore will go to around 50 to 60 employees through that buyback.
Multiples will take a board seat as part of the investment. Early investors India Quotient and Sixth Sense Ventures have partly sold shares in the transaction while keeping stakes in the company.
Stores first, then manufacturing
GIVA plans to add 160 stores in FY27, with a stronger push into Tier II and Tier III cities. It plans to deepen its presence in Lucknow, Dehradun, Kanpur and Surat, and to enter Agra.
The company now runs around 425 stores across more than 80 cities in India and Sri Lanka. Over the next three to five years, it aims to pass 1,000 stores, with offline sales targeted at 75 to 80 percent of revenue within three years.
Fresh capital will also go into manufacturing, inventory and a wider product range. Strengthening the leadership team is the third stated priority, alongside the store rollout and the manufacturing push.
From silver online to a full jewellery range
GIVA was founded in 2019 in Bengaluru by Ishendra Agarwal, Nikita Prasad and Sachin Shetty. It began as an online silver jewellery brand and has since added gold and lab-grown diamonds to its range.
Its portfolio now spans 92.5 sterling silver, gold and lab-grown diamond jewellery. The brand sells through its own stores, its website, and third-party ecommerce and quick commerce platforms.
The company also runs Heer by GIVA for gold and lab-grown diamond pieces. That sub-brand sits alongside the core GIVA range as the company reaches buyers shopping for everyday wear and for gifting.
Growth behind the round
GIVA closed FY26 with revenue of about Rs 865 crore, up from about Rs 505 crore in FY25. The company has grown at a compound annual rate of more than 70 percent over the past three years.
Its previous publicly announced round was a Rs 530 crore Series C in June 2025, led by Creaegis. The company has not disclosed a valuation for the latest round.
Multiples’ backing is a strong endorsement of what we have built at GIVA since 2019, a high-growth, design-led fine jewellery brand that Indian consumers trust for everyday wear and gifting.
Ishendra Agarwal, Founder and CEO, GIVA
The scale of the bet stands out in a market where established names such as CaratLane and BlueStone already compete hard for everyday buyers. GIVA’s pitch is different in one clear way, because it started with affordable silver rather than high value wedding jewellery.
Lab-grown diamonds are drawing fresh capital across India. KeeVurds earlier reported on So/Facet, a lab-grown diamond jewellery startup that raised Rs 10 crore in seed funding to build design-led collections.
Why the offline push matters
About 70 percent of GIVA’s stores are in metros today, with the rest in smaller cities. The FY27 plan shifts weight toward smaller cities, where a physical store can build trust faster than a website alone.
India’s jewellery market is estimated by the company to grow at about 6 percent a year to reach $124 billion by 2032. That backdrop gives a store-led brand room to grow, provided each new store earns its place quickly.
The test now is execution in smaller cities, not fundraising. Opening 160 stores in a year will test hiring, inventory and local demand in equal measure, and the next revenue update will show whether the offline bet is paying off.
