Giva, the Bengaluru jewellery brand that began with silver and now sells gold and lab-grown diamonds, has raised about $102 million, or roughly Rs 975 crore, in a round led by Multiples Alternate Asset Management, with Epiq Capital and Edelweiss Discovery Fund joining, the company said on 3 November 2026.
Multiples takes just over 15 per cent and a board seat, alongside Premji Invest. Founder and chief executive Ishendra Agarwal did not disclose the valuation but said the deal was struck at a premium to the last round, which put Giva at about $465 million. The company called it the largest cheque raised by an Indian new-age jewellery brand.
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Where The Money Goes
The money goes into stores, manufacturing and a wider assortment. Giva runs about 425 outlets across India and Sri Lanka, plans 160 additions in FY27 and wants 1,000 stores in three to five years. With most of the network in metros, the next leg leans on Lucknow, Dehradun, Kanpur and Surat. Plating and finishing stay in house, and plants in Jaipur and Mumbai will expand.
Not all of the cheque is growth capital. It mixes primary and secondary money: India Quotient and Sixth Sense Ventures sell part of their holdings, and an employee buyback of about Rs 20 crore to Rs 25 crore covers 50 to 60 staff. Secondary shares fund no new store, so the rollout rests on the primary portion and internal cash.
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The Arithmetic Behind The Round
With the valuation private, work it back from the stake: just over 15 per cent for Rs 975 crore implies about Rs 6,500 crore, some 40 per cent above the previous round’s Rs 4,500 crore to Rs 4,600 crore. Treat that as a ceiling, since part of the cheque was secondary.
Revenue, Stores And The FY27 Target
Revenue reached about Rs 865 crore in FY26 against roughly Rs 505 crore to Rs 518 crore a year earlier depending on the source, a three year compound annual growth rate above 70 per cent. The FY25 loss was Rs 72 crore. Giva says its negative EBITDA margin narrowed from double digits to single digits as older stores mature, and Agarwal targets profit after tax by FY28. ET Retail reported that the company is working towards Rs 1,250 crore of revenue in FY27.
The store math makes that demanding but not reckless. Rs 865 crore across 425 stores is about Rs 2 crore per outlet a year; reaching Rs 1,250 crore with 585 stores implies roughly Rs 2.1 crore each. New outlets trade below the network average in year one, so the target needs same store growth too, not just more doors.
Why Gold Prices Rewrote The Mix
Silver still pays the bills at about 60 per cent of revenue, with gold and lab-grown diamond pieces at 40 per cent. The sharper shift sits inside gold: nine carat jewellery, launched about four months ago, now contributes 20 to 25 per cent of the combined gold and lab-grown business. Agarwal told Moneycontrol that this year’s spike in gold prices pushed buyers to lighter pieces, and softer rates since have lifted footfalls. The range on GIVA runs from silver to gold to certified lab-grown diamonds, at average selling prices of about Rs 3,500 and Rs 15,000 to Rs 18,000, with a blended order value near Rs 5,000.
Channel mix is shifting too. Stores bring in about 45 per cent of revenue and the direct to consumer site 55 per cent, and the company expects the physical share to reach 75 to 80 per cent in three years. Men’s jewellery and the demi-fine label Ixia are its bets on a wider base.
Risks And Open Questions
The risks are working capital and price. Jewellery retail ties up cash in metal, and a network heading to 1,000 stores needs stock before customers. Lab-grown diamond prices have fallen globally as capacity grew, a help to demand and a threat to unsold inventory. The field is crowded: CaratLane under Titan, BlueStone and Tanishq, plus newer labels such as Palmonas and Jewelbox. Redseer puts India’s lab-grown diamond market at $300 million to $350 million in 2024, growing about 15 per cent a year.
What To Watch
Agarwal wants Giva IPO ready in two to three years, with a listing at least three years away. Three numbers will settle it: FY27 revenue against the Rs 1,250 crore marker, the quarter EBITDA turns positive after rent and staff, and cohort data on whether a Tier III outlet earns its capital. If productivity slips, the fixed base outruns the profit.
