Giva to expand into Lab-Grown Diamonds with its Latest Funding

Bangalore-based jewellery brand Giva has secured Rs 530 crore in a Series C funding round led by private equity investment firm Creagis.

The funding round also saw participation from Giva’s existing investors, Premji Invest, Epiq Capital and Edelweiss Discovery Fund.

Founded in 2019 by Ishendra Agarwal and Nikita Prasad, Giva started with silver jewellery and has since diversified into gold and lab-grown diamond jewellery. 

According to the company, it plans to use the money to expand its retail footprint, omnichannel presence, and enhance its lab-grown diamonds offerings. 

The company sells rings, bracelets, necklaces, earrings, etc., through its online channels and retail outlets.

The company has 200 stores across all tier 1 and tier 2 Indian cities, and its jewellery is also available on quick commerce platforms such as Swiggy Instamart, Blinkit, and Zepto.

In FY 2024-25, the Bangalore-based startup has doubled its revenue to around Rs 510 crore from Rs 255 crore and reduced its losses to about Rs 42 crore from Rs 47 crore.

In July 2024, the company raised Rs 200 crore as part of its series B round led by Premji Invest, with participation from existing investors Aditya Birla Ventures, Alteria Capital, and A91 Partners.

Then, in October 2024, it raised additional Rs 255 crores from Premji Invest, Epiq Capital, and Edelweiss Discover Fund.

The jewellery brand is betting big on lab-grown diamonds with new launches, discounts and advertisements. It has also roped in popular Hindi-film actress Anushka Sharma to increase brand awareness. 

Lab-grown diamonds are gaining huge traction from Indian consumers as they are identical to natural diamonds in every way and come at a lower cost. They also offer an eco-friendly alternative to customers looking to make a sustainable choice without compromising on beauty or performance.

Several startups and brands have entered the lab-grown diamond sector, capitalising on the growing demand for affordable and sustainable luxury. 

Giva is poised to be a frontrunner amongst the Indian lab-grown jewellery brands to hit the public market.