Bengaluru-based fine jewellery brand GIVA has raised more than $100 million (approximately ₹975 crore) in a funding round led by Multiples Alternate Asset Management, as the company accelerates its retail expansion and strengthens its manufacturing capabilities.
Existing investors Epiq Capital and Edelweiss Discovery Fund also participated in the round. The transaction includes a combination of primary capital, secondary share sales by existing investors and an employee stock ownership plan (ESOP) buyback. Early investors India Quotient and Sixth Sense Ventures are partially exiting while retaining some of their stakes.
As part of the investment, Multiples will secure a seat on GIVA’s board. The company has described the transaction as one of the largest investments in India’s new-age jewellery sector.
Funding to Support Manufacturing and Retail Expansion
GIVA plans to deploy the fresh capital towards strengthening its leadership team, expanding manufacturing capabilities, increasing inventory and growing its physical retail network.
The company currently operates approximately 425 stores across India and Sri Lanka, with a presence in more than 80 cities. It plans to open around 160 additional outlets in FY27, with a stronger focus on Tier II and Tier III markets.
GIVA aims to cross 1,000 stores over the next three to five years. The expansion strategy includes strengthening its presence in cities such as Lucknow, Dehradun, Kanpur and Surat, while entering new markets including Agra.
The company is also looking to increase the contribution of offline retail to its overall business. Physical stores currently account for approximately 45% of its revenue, while the remaining share comes from its website, app, e-commerce marketplaces and quick-commerce platforms. Founder and CEO Ishendra Agarwal expects the offline contribution to reach 75–80% within the next three years.
Strengthening In-House Manufacturing
Alongside store expansion, GIVA intends to invest in manufacturing infrastructure in Jaipur and Mumbai.
The brand currently outsources a significant portion of its bulk manufacturing while handling activities such as plating, finishing, customised jewellery and made-to-order products in-house.
Greater investment in these capabilities is expected to improve quality control, product consistency and the speed at which new designs reach customers.
The company is also planning to expand its product range, particularly in the ₹10,000–₹40,000 price segment, to cater to consumers seeking accessible fine jewellery.
Silver Remains the Company’s Largest Category
Founded in 2019 by Ishendra Agarwal, Nikita Prasad and Sachin Shetty, GIVA initially built its business as an online-first brand focused on 925 sterling silver jewellery.
It has since diversified into gold and lab-grown diamond jewellery, expanding its presence in the everyday fine jewellery and gifting segments.
Silver continues to contribute approximately 60% of the company’s revenue, while gold and lab-grown diamond products account for the remainder. GIVA has also been developing its men’s jewellery portfolio and recently introduced Ixia, a demi-fine jewellery brand.
The company is focusing on lightweight designs and products suitable for regular wear, reflecting changing consumer preferences beyond traditional occasion-based jewellery purchases.
Revenue Growth and Profitability Outlook
GIVA reported revenue of approximately ₹865 crore in FY26, compared with around ₹520 crore in FY25, according to the company’s disclosures. It has recorded more than 70% compound annual growth over the past three years.
The company has also made progress in improving its operating performance. Its negative EBITDA margin narrowed from double digits to single digits in FY26, while stores operating for more than a year are reportedly profitable.
GIVA expects to achieve net profitability in FY28. The company is also working towards becoming IPO-ready within the next two to three years, although an actual stock market listing is expected to be at least three years away.
Growing Investor Interest in India’s Jewellery Market
GIVA’s latest fundraise reflects increasing investor interest in India’s organised jewellery market, particularly newer brands focused on affordable fine jewellery, sterling silver and lab-grown diamonds.
The company’s omnichannel model, which combines physical stores with direct online sales and third-party platforms, has supported its expansion across different consumer markets.
With fresh capital, a growing retail network and investments in manufacturing, GIVA is positioning itself for its next phase of growth as competition intensifies in India’s evolving jewellery industry.
Disclaimer: This report has been editorially prepared using publicly available information and official company disclosures. Readers are advised to refer to official company announcements and disclosures for further details.
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