Giva raises over $100 mn for expansion | India Business News

Giva founders Nikita Prasad, Ishendra Agarwal and Aditya Labroo

BENGALURU: Jewellery retailer Giva has raised more than $100 million in a funding round led by Multiples Alternate Asset Management. It plans to expand its network to over 1,000 stores in India over the next five years.Existing investors Epiq Capital and Edelweiss Discovery Fund also participated in the round. The transaction includes Giva’s seventh employee stock option (ESOP) buyback, allowing employees to cash in on their holdings.Fresh capital from the round will be used to expand manufacturing, open more stores and strengthen the leadership team, the company said. Giva currently operates more than 400 stores across India and Sri Lanka. It also sells through its own website, ecommerce and quick commerce platforms.Founded in 2019 as an online silver jewellery business, the Bengaluru-based company has since expanded into gold and lab-grown diamonds. Its gold and lab-grown diamond brand is called Heer by Giva.“What started as a digital-first silver jewellery business has evolved into a much larger proposition spanning silver, gold and lab-grown diamonds,” founder and CEO Ishendra Agarwal said.Giva said it recorded revenue of about Rs 865 crore in FY26, with a compound annual growth rate of more than 70% over the past three years.Multiples managing director Sridhar Sankararaman pointed to demand for jewellery that consumers can wear every day. “The timing is just as significant as everyday buying habits are shifting towards lightweight jewellery that can be worn daily, and GIVA’s design-led range is built for exactly that,” he said.