Giva has raised Rs 530 crore in its latest funding round led by Creaegis with participation from existing investors such as Premji Invest, Epiq Capital, and Edelweiss Discovery Fund, the direct-to-consumer (D2C) jewellery brand said on June 25.
The round comes at a time when an increasing number of consumers are shifting towards affordable alternatives to natural diamonds, giving a boost to startups which are expanding into the lab-grown diamond jewellery market.
“With the continued support of our existing investors, we’re focused on elevating the fine jewellery experience for modern Indian consumers and accelerating our journey towards market leadership,” Giva founder Ishendra Agarwal said.
Startups such as Aukera Jewellery, True Diamonds, Firefly Diamonds, Limelight Diamonds and others have all raised fresh capital in the recent months to take on larger players like Caratlane, BlueStone and Giva.
Apart from an increased focus on lab-grown diamond, Giva will also use the capital to scale its retail and digital footprint, enhance tech-enabled supply chain capabilities and expand into new categories.
Started in 2019 by Agarwal and Nikita Prasad, Giva began its journey with 925 sterling silver jewellery and has since diversified into 14K/18K gold and lab-grown diamond jewellery.
The company also announced that chief operating officer Aditya Labroo has been elevated to the role of co-founder.
“The company is well positioned to be a market leader due to its product offering, strong digital presence and deep omni-channel operational capabilities. Our previous experience in investing in transformational D2C companies will enable us to support the company’s planned expansion,” Prakash Parthasarathy, managing partner and CIO, Creaegis, said.
Giva has more than 240 physical stores and plans to open another 145–150 this year, helped by fresh funds, with a focus on Tier 2 cities, where it continues to see robust demand, the company said.
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