Silver jewellery-focused company GIVA has raised an undisclosed amount in its Series B funding round from Aditya Birla Ventures, A91 Partners and Sixth Sense Ventures.
The round also saw participation from existing investors and other angle investors.
The startup plans to use the funds to promote sales channel expansion and introduce new product categories.
The Bangalore-based Giva was founded in 2019 by Ishendra Agarwal, Nikita Prasad and Sachin Shetty, It offers a variety of designs in precious metals like 18 karat gold, rose gold and oxidized silver with embellishments of zircon, pearl, marcasite and other colored stones.
The company sells its products online through its own website and is looking at rapid offline expansion as well.
“In addition to the fund infusion, we will benefit from their expertise in grooming new-age startups and intend to leverage it to drive our retail channel expansion to augment our customer base. As a brand, GIVA has grown in the challenging post-COVID period, thanks to unit economics and a team that is spearheading various initiatives across online and offline retail channels,” said, Ishendra Agarwal, co-founder at GIVA.
Presently, the company operates 3 exclusive stores in Bengaluru and has also partnered with retail giants like Shoppers Stop and Reliance Trends for national footprint.
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The company also claims to earn a revenue of INR 100 Crores in the financial year 2021-22.
“We believe silver jewellery, in particular, is ripe for significant growth across both online as well as offline channels. With a strong focus on product, customer centricity and engagement, GIVA is one of the fastest growing silver jewellery brands nationally,” said, Aryaman Vikram Birla, founder of Aditya Birla Ventures.
Earlier this year, Giva had raised $10 million as a part of its Series A funding round led by D2C focused venture capital funds Sixth Sense Ventures and A91 Partners.
GIVA is a silver jewellery store aiming with a vision to make authentic, elegant and fine jewellery accessible. Started in 2019, GIVA has grown rapidly to become one of India’s leading silver jewellery and natural diamond jewellery brand.