Bengaluru-based fine jewellery brand GIVA has raised over $100 million (about Rs 975 crore) in a funding round led by Multiples Alternate Asset Management, with participation from existing investors Epiq Capital and Edelweiss Discovery Fund. The transaction, a mix of primary and secondary deals announced on Tuesday, values the company at a premium over its last valuation of about $465 million, founder and CEO Ishendra Agarwal told Moneycontrol. GIVA called it the largest funding round in an Indian new-age jewellery brand. Multiples joins the cap table with a stake of over 15% and a board seat, becoming one of the company's largest investors alongside Premji Invest.
The round also creates liquidity elsewhere on the cap table. Early investors India Quotient and Sixth Sense Ventures sold part of their stakes in the transaction, and the company completed its seventh employee stock ownership plan (ESOP) buyback, worth about Rs 20-25 crore.
Founded in 2019 by Agarwal, GIVA started in sterling silver jewellery before expanding into gold and lab-grown diamonds. It sells through an omnichannel model: its own stores, a direct-to-consumer website and third-party e-commerce and quick-commerce platforms. The company now operates about 425 stores across more than 80 cities in India and Sri Lanka, and says revenue grew at a CAGR of over 70% for three years to about Rs 865 crore in FY26. It remains loss-making: FY25 operating revenue rose 89% to Rs 518 crore while losses widened 22% to Rs 72 crore.
The fresh capital will go toward new stores, manufacturing capacity and a wider assortment, with a target of more than 1,000 outlets in three to five years. Agarwal told Moneycontrol the company aims to reach profitability by FY28. GIVA has raised more than $258 million to date, including a Rs 110 crore Series C extension in February this year and $28 million in debt in May.
The deal extends a run of private equity bets on organised jewellery retail as consumption shifts beyond wedding-season buying toward functional, everyday wear. Earlier this year, Palmonas raised $40 million led by Xponentia Capital and Vertex Growth Fund. GIVA competes with Tata-owned CaratLane, BlueStone, Melorra, Candere and Tanishq, as well as newer lab-grown diamond brands. Multiples' past consumer investments include Delhivery, Licious, Acko and MoEngage; managing director Sridhar Sankararaman said GIVA had built its retail presence "ahead of the curve" while keeping a loyal customer base.
FundForge Insight: jewellery remains a trust business, and a 1,000-store plan is a capital-heavy bet on moving that trust from family jewellers to a venture-backed brand. The structure of this round is as telling as its size - early funds trimming positions and employees cashing out at a premium while a PE firm writes the big cheque. The numbers to watch are not the store count but the FY28 profitability target and whether same-store economics hold as expansion moves deeper into Tier II cities. Sources: Moneycontrol, Entrackr and The Hindu BusinessLine (November 3, 2026). This is not investment advice.
