GIVA raises Rs 975 crore led by Multiples PE, plans 160 new stores
Jewellery brand GIVA raised about Rs 975 crore (over $100 million) led by Multiples PE, and says it will open 160 stores in FY27. Numbers and open questions.
GIVA, the Bengaluru jewellery brand that began as an online seller of silver pieces, has raised about Rs 975 crore (roughly $103 million) in a round led by Multiples Alternate Asset Management, Entrackr and Inc42 reported on 3 November 2026. Most of the cash will go into shops and factories: the company says it will open 160 stores in the financial year 2026-27 and wants more than 1,000 outlets in three to five years. Valuation was not disclosed, and much of what we know about GIVA's finances is the company's own account, so this story keeps stated claims apart from filed numbers.
What was announced
Entrackr, in a report dated 3 November, said Multiples led a round of "$100 million-plus", with co-investors, in GIVA, which sells sterling silver, gold and lab-grown diamond jewellery. Inc42 gave the rupee figure: about Rs 975 crore, with existing investors Epiq Capital and Edelweiss Discovery Fund also taking part. Multiples gets a seat on the board.
Inc42 reports that the deal mixes new money for the company (primary capital) with shares sold by earlier holders (secondary). It includes a seventh employee share-option buyback of roughly Rs 20 crore to Rs 25 crore for 50 to 60 employees, and two earlier backers, India Quotient and Sixth Sense Ventures, are partially exiting while keeping stakes. Entrackr noted that GIVA raised $28 million in debt in May this year, and said that could be part of the round it reported earlier; it did not confirm this.
The company has not named the valuation. Inc42 quotes the chief executive as saying it is higher than the last publicly announced valuation of about Rs 4,500 crore to Rs 4,600 crore. That is the only guide we have, and it is the company's characterisation, not a number from an investor or a filing.
How a jewellery brand became a funding story
GIVA was founded in 2019 by Ishendra Agarwal. It started as a direct-to-consumer (D2C) brand: it sold silver jewellery through its own website and through other online platforms, with no shop network. D2C means the company designs and sells straight to the customer rather than through a jeweller. The attraction is a higher margin per piece and control of the brand; the cost is paying heavily for online advertising to find buyers.
Over time GIVA added its own stores. Entrackr says it now has over 400 stores across India and Sri Lanka; Inc42 puts the number at about 425. Inc42 reports that about 55% of revenue still comes from the D2C channel and 45% from offline retail, and that the company wants offline to reach 75% to 80% within three years. About 70% of current stores are in big metros, and the 160 new ones are aimed at smaller cities, Tier II and III, where rents are lower and fewer organised brands compete. Silver is about 60% of revenue, with gold and lab-grown diamonds making up the rest.
The shift from web to shops is a pattern in Indian consumer brands. Online marketing costs rise as more brands compete for the same buyer, while a physical store lets a brand build trust for a product, such as jewellery, that people like to see and hold.
The numbers and what is, and is not, verified
Entrackr says that in FY25 GIVA's operating revenue rose 89% to Rs 518 crore and its loss widened 22% to Rs 72 crore. These come from regulatory filings. For FY26 the company has not filed accounts yet. It says it ended the year with revenue of about Rs 865 crore. Inc42 reports that the negative operating margin (EBITDA, which is profit before interest, tax and depreciation) has narrowed to single digits from double digits, and that the company expects to turn profitable after tax in FY28. Entrackr also reports that the company says it grew at more than 70% a year over three years.
Two figures differ between outlets, and we flag them rather than choose. Inc42 gives FY25 revenue as about Rs 505 crore, Entrackr as Rs 518 crore from filings, likely a difference between total and operating revenue, though neither outlet says so. The earlier funding history also differs: Entrackr mentions a Rs 110 crore extension of its Series C in February this year led by HPV CC1, and says total funding is over $258 million, while Inc42 mentions a Rs 530 crore Series C led by Creaegis in June 2025. These may well both be true, since a round can have several parts. What is clear is that GIVA has been raising money often.
What is unknown: the valuation, how much of Rs 975 crore is new money rather than secondary sales, who the other co-investors are, and the FY26 loss in rupees.
Who competes, and what could go wrong
Entrackr names organised rivals BlueStone, CaratLane, Melorra, Candere and Tanishq, and newer brands including Palmonas, Jewelbox and several lab-grown diamond sellers. Tanishq and CaratLane are part of large, listed Tata-group businesses with big store networks; competing with them means opening shops quickly without losing control of quality and costs.
The risks are practical. A store is a fixed cost: rent, staff and stock must be paid whether or not customers come. A brand that is growing fast on the web can find that new shops take months to reach the sales of mature ones. Silver prices move, and when most of your sales are silver, margins depend on the metal. Jewellery inventory also ties up cash. These are general risks of the business, not statements from the sources.
The company says the money will go to retail expansion, in-house plating and finishing at its Jaipur and Mumbai manufacturing sites, and hiring senior managers. Inc42 reports that it aims to be ready for a stock-market listing in two to three years, though an actual listing is at least three years away.
What it means for founders, shoppers and investors
For founders, GIVA is a reminder that a funded online brand often ends up building stores, and that investors will fund the move when growth is fast and losses are narrowing. For shoppers, more shops in smaller cities mean more places to see jewellery before buying, though prices and quality are set by the brand, so it pays to compare hallmarking and return terms.
For other investors and employees, the secondary component and the share buyback matter: some early holders are taking money off the table, which gives employees liquidity but does not add to the company's cash. Use the simulator to see how much of a company a round of this size sells. The defaults are the reported round size and the floor of the earlier valuation; the post-deal figures are examples because the valuation is not disclosed.
What to watch next
Watch for GIVA's FY26 filing, which will show whether Rs 865 crore matches the accounts and what the loss was. Entrackr's report on the valuation, the pace of store openings against the 160-store plan, and the share of revenue from offline stores are the markers of whether the model is working. The company's talk of a listing in a few years makes later filings more important, since a public offer would require audited numbers and detailed disclosure.
Key takeaways
- GIVA raised about Rs 975 crore (about $103 million) in a round led by Multiples Alternate Asset Management, reported on 3 November 2026.
- The deal mixes new money and secondary sales, including an employee share buyback of roughly Rs 20 crore to Rs 25 crore.
- FY25 revenue was Rs 518 crore with a Rs 72 crore loss from filings; the company says FY26 revenue was about Rs 865 crore, which is not yet filed.
- It plans 160 new stores in FY27, mostly in smaller cities, and wants offline to reach 75% to 80% of sales.
- The valuation, the split between primary and secondary money, and the FY26 loss were not disclosed.
Sources
- [Entrackr: GIVA raises over $100 Mn in funding round led by Multiples PE](https://entrackr.com/news/giva-raises-over-100-mn-in-funding-round-led-by-multiples-pe-12779542)
- [Inc42: GIVA raises Rs 975 Cr led by Multiples PE, eyes 160 new stores in FY27](https://inc42.com/buzz/giva-raises-%e2%82%b9975-cr-led-by-multiples-pe-eyes-160-new-stores-in-fy27/)
Tags: Startup funding Jewellery Multiples PE D2C Retail