Jewellery brand Giva raises Rs 200 crore from Premji Invest, others
Giva Jewellery on Wednesday announced that it had raised Rs 200 crore in a Series B funding round led by Premji Invest. The round also saw participation by existing investors Aditya Birla Ventures, Alteria Capital, and A91 Partners.
Beyond the fundraise, the jewellery maker also reportedly conducted a secondary sale transaction worth Rs 70 crore. Giva did not disclose the identity of the stakeholders who took part in the secondary sale.
The Bengaluru-based firm specialises in silver jewellery, and has over 50 physical stores across the country. In its previous funding round, the company raised $17 million from the likes of AngelList, IQ Capital, Titan Capita, and India Quotient.
The investment in Giva also comes amid D2C firms showing greater affinity for omnichannel plays in the wake of a demand slowdown in the apparel and jewellery segments. Giva competes with the likes of Melorra and BlueStone in the Indian online-first jewellery segment.
“Silver jewellery is a $4 billion opportunity in India with the organised market share at less than 7%… Giva has emerged as a category leader with its focus on fine silver jewellery, design offerings and customer centricity. We are excited to partner with Giva in its next growth phase and help build a leader in the space with a truly omnichannel play,” said Varun Khandelwal, Principal, Investments, Premji Invest, in a statement.
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