Indian fine jewellery retailer GIVA Jewellery on Monday said it has raised Rs 255 crore ($30.4 million) in its extended Series B round led by Premji Invest, Epiq Capital, Edelweiss Discover Fund, and the top management of GIVA.
The funding round, comprising 35% primary investment and 65% secondary investment, facilitated the successful partial exit of A91 Partners and India Quotient.
The financing, which comes more than a year after it last raised $33 million from Premji Invest, will help GIVA in its expansion plans, bolstering its offline presence across India, augmenting its lab-grown diamond offerings, and enabling strategic investor exits.
Established in 2019 as a silver jewellery retailer, Giva has expanded its offerings to include gold jewellery and lab-grown diamonds.
Moving forward, GIVA will prioritise strengthening its lab-grown diamond segment through strategic partnerships and innovations, expanding its gold offerings to cater to discerning consumers and enhancing its market presence through targeted marketing initiatives, it said in a statement.
The jewellery market in India is witnessing significant growth post-COVID. While traditional players still dominate, the sector has seen a host of new-age players mushrooming such as Melorra and CaratLane, apart from Giva and BlueStone. India stands out as the top revenue generator in the jewellery market, with a projected revenue of $81.26 billion in 2024, according to Statista.
Earlier this year, silver jewellery retailer Kushal’s raised $34.26 million in a fresh funding round led by mid-market private equity firm Lighthouse, while fashion jewellery brand Salty raised Rs 5 crore in a funding round led by All in Capital and Anicut Capital. Previously, Ratan Tata-backed Bluestone reportedly plans to raise Rs. 2,000 crore through an IPO.
Melorra raised $16 million in a Series D funding round from Axis Growth Avenues AIF-I, SRF Family Office, N+1, and existing investors in May last year. CaratLane was backed by Tiger Global in its early days. The New York-based investor exited when Titan, a Tata Group-owned company, acquired a majority stake in it in 2016.