Creaegis may fund Giva at $470-500 million valuation
lab-grown diamonds, is in talks with private equity fund Creaegis to raise $80-100 million at a valuation of $470-500 million, people in the know said.
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The proposed post-money valuation is more than two times that after the last funding round just two months ago, underlining the high investor interest in new-age jewellery businesses.
Accel-backed jewellery retailer Bluestone is preparing for an initial public offering and has filed its draft application papers for the issue with the market regulator. The company is looking to value itself more than Rs 12,000 crore for the IPO, a 50% premium to the valuation when it last raised funds in the private market, ET first reported on December 13.
Giva currently has an annual revenue run-rate of Rs 700 crore. It posted nearly Rs 280 crore in revenue with a close to Rs 59 crore loss in fiscal 2024. In 2024, both Giva and Bluestone scooped up substantial funds in the past year as investors turned bullish towards omnichannel jewellery businesses, especially following the Tata Group’s complete acquisition of Caratlane.
“Creaegis is in talks to lead the round while others may also join but this is symbolic of the overall confidence investors have in the sector now. While Bluestone is aiming for a significant premium to the listing, this (Giva’s valuation) is relatively lower on the
