GIVA raises over $100 million in funding round led by Multiples PE

Fine jewellery brand GIVA has closed a funding round of over $100 million (₹975 crore) led by private equity firm Multiples Alternate Asset Management, underscoring strong investor confidence in India's expanding consumer retail market.

Existing backers Epiq Capital and Edelweiss Discovery Fund also participated in the round. Early investors India Quotient and Sixth Sense Ventures partially exited their holdings, while Multiples PE will take a seat on the board. The deal includes GIVA's seventh employee stock option plan (ESOP) buyback, worth approximately ₹20 crore to ₹25 crore, benefiting 50 to 60 employees.

Avendus Capital acted as the exclusive financial advisor to the company for the transaction.

Store footprint and domestic manufacturing drive

Founded in 2019 by Ishendra Agarwal and Nikita Prasad, the Bengaluru-based startup currently operates around 425 stores across India and Sri Lanka. GIVA plans to open 160 new outlets in the coming financial year, with a focus on deepening its retail network across tier II and III cities such as Lucknow, Dehradun, Kanpur, Surat, and Agra.

While metro locations currently account for 70% of its physical presence, GIVA expects offline retail to generate 75% to 80% of total revenue within three years, up from 45% today.

The fresh capital will also fund manufacturing facilities in Jaipur and Mumbai to handle in-house plating, finishing, and customised made-to-order production.

Operational growth and market shifting to everyday wear

GIVA recorded revenue of ₹865 crore in FY26, up from ₹518 crore the previous year, backed by a three-year compound annual growth rate of 70%. Its operating losses narrowed to single-digit negative EBITDA margins over the period, driven by maturing stores reaching profitability.

Although silver jewellery accounts for 60% of sales, lower-carat gold and lab-grown diamonds under its 'Heer by GIVA' line now make up 40%. Nine-carat gold products, introduced four months ago, already contribute 25% of overall gold revenue as Indian shoppers adapt to rising precious metal prices by opting for lightweight, daily-wear designs.

Multiples Alternate Asset Management managing director Sridhar Sankararaman noted that Indian buying habits are shifting towards lightweight jewellery, positioning design-led domestic brands for strong growth. Agarwal stated that GIVA plans to be ready for an initial public offering within two to three years.