Giva, an omnichannel jewelry startup, has secured an extended Series B round of Rs 100 crore ($12 million) from Premji Invest. This marks the organization’s inaugural fundraising event of 2024.
Giva’s board has approved a resolution to offer and issue 68,028 Series B1 compulsorily convertible preference shares (CCPS) to PI Opportunities Fund II (Premji Invest) at a price of Rs 14,700 per share.
Premji Invest has made its third investment in Bengaluru-based Giva. In July of the previous year, the family office of Wipro founder Azim Premji led a Rs 270 crore Series B round in Giva.
Giva has been estimated to be worth approximately Rs 2,000 crore. It is anticipated that the company’s valuation will alter in response to the infusion of additional capital, as this appears to be a component of an ongoing funding round.
Aditya Birla Venture, A91 Partners, and other investors have contributed more than $60 million to the company since the infusion of new capital.
Giva, which was initially established as an affordable jewelry brand, has since broadened its product line to include gold jewelry and lab-grown diamonds. The company, which is led by Ishendra Agarwal, currently operates approximately 110 physical stores throughout the nation, in addition to its website and app.
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In FY23, Giva’s revenue from operations increased by 96.4%, reaching Rs 165 crore. Nevertheless, the company’s expenditure increased by twofold, reaching Rs 212 crore in FY23. This significant increase in expenses resulted in a 2.36X increase in its losses, which increased to Rs 45 crore in FY23. The company has not officially disclosed its FY24 numbers.
Recently, there has been substantial investor interest in the omnichannel jewelry sector. Aukera, a lab-grown jewelry brand, recently secured Rs 26.7 crore (approximately $3.2 million) in its Series A round, while Trisu, a vermeil jewelry brand, secured an undisclosed sum in pre-seed funding.
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