GIVA’s $53 Million Series C Funding Led by Creaegis Elevates Valuation to $465 Million
GIVA, an omnichannel jewelry startup, is set to raise $53 million (approximately ₹450 crore) in its Series C funding round, spearheaded by private equity firm Creaegis. This investment round also sees participation from Premji Invest, Epiq Capital, Edelweiss Discovery Fund, and Usha Dalmia Trust. The funding will propel GIVA’s valuation to around $465 million (approximately ₹3,950 crore), doubling its valuation from the previous funding round.
Breakdown of the Series C Funding Round
According to regulatory filings accessed from the Registrar of Companies (RoC), GIVA’s board has approved the issuance of 173,430 Series C Compulsorily Convertible Preference Shares (CCPS) at an issue price of ₹25,947 each, totaling ₹450 crore. The allocation of funds is as follows:
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Creaegis: Leading the round with an investment of ₹235 crore ($27.6 million) through the CIF II Scheme.
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Premji Invest: Contributing ₹125 crore ($14.7 million).
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Epiq Capital: Investing ₹45 crore.
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Edelweiss Discovery Fund: Injecting ₹35 crore.
- Usha Dalmia Trust: Adding ₹10 crore.
In addition to the equity capital, GIVA has secured ₹30 crore in debt from Alteria Capital. The company has also expanded its Employee Stock Ownership Plan (ESOP) pool by 15,853 equity shares worth ₹41 crore, bringing the total pool value to ₹203 crore ($24 million).
Utilization of Funds
The newly acquired capital is earmarked for several strategic initiatives:
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Operational Costs: Covering expenses related to hiring, marketing, and general corporate purposes.
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Expansion Plans: Enhancing GIVA’s offline presence across India and augmenting its lab-grown diamond offerings.
- Investor Exits: Facilitating partial exits for early investors, including A91 Partners and India Quotient.
GIVA’s Growth Trajectory
Founded in 2019 by Ishendra Agarwal, GIVA began as an affordable silver jewelry brand and has since diversified into gold jewelry and lab-grown diamonds. The company operates approximately 150 physical stores across India, alongside its website and app, adopting a franchise-led model to expand its reach.
In the fiscal year ending March 2024, GIVA reported an operating revenue of ₹274 crore, a 66% increase from ₹165 crore in FY23. However, losses also grew by over 30% to ₹59 crore during the same period.
Competitive Landscape
GIVA operates in a competitive market alongside notable players such as Bluestone, CaratLane, and Melorra. Bluestone, for instance, has filed its Draft Red Herring Prospectus (DRHP) for a ₹1,000 crore IPO, seeking a valuation exceeding ₹12,000 crore. This move underscores the growing investor interest in the online jewelry sector.
Investor Perspectives
Investors are optimistic about GIVA’s potential. Kaveesh Chawla, Partner at Premji Invest, stated, "We are impressed by GIVA team’s strong commitment and relentless drive to build a best-in-class shopping experience for fine jewellery customers. We are excited to increase our investment as we partner with GIVA on their growth journey."
Future Outlook
With the fresh infusion of capital, GIVA aims to:
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Strengthen Market Position: Consolidate its status as a leading silver jewelry player.
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Expand Product Offerings: Enhance its lab-grown diamond segment and broaden gold jewelry offerings.
- Increase Physical Presence: Open more offline stores to reach a wider customer base.
The Indian online jewelry market is projected to grow to $3.7 billion by 2025, presenting significant opportunities for GIVA and its competitors. As the company continues to innovate and expand, it remains poised to capture a substantial share of this burgeoning market.
For more information on GIVA’s offerings, visit their official website.
