Join Forward-thinking Leaders
Elevate your expertise with tech insights, startup breakthroughs, and leadership intelligence curated for your priorities.
Giva Is About to Secure $53 Million Funding From Creaegis
Giva, a renowned D2C e-commerce startup that sells exclusive gold, silver, and lab-grown diamond jewelry with unique designs and trending styles. It has recently achieved significant growth and has now become the go-to platform to shop for trending and latest styles of jewelry.
Summary:
1. Giva, a renowned D2C e-commerce startup, has raised $53 million in startup funding from Creaegis, Premji Invest, Epiq Capital, and others.
2. The D2C startup, led by Ishendra Agarwal, has grown from an affordable jewellery firm to a franchise-led model with over 150 retail outlets across India.
3. The renowned jewelry brand competes with Bluestone, CaratLane, Melorra, and other sponsored brands.
Now, that startup is all set to make its big move and raise $53 million in startup funding from Creaegis. This funding round also includes participation from Premji Invest, Epiq Capital, and others.
According to this latest startup news, to raise the previously mentioned sum, Giva’s board of directors approved the offering of 1,73,430 Series C CCPS at a selling price of Rs 25,947 each, according to its regulatory filing with the Registrar of Companies (RoC).
Creaegis’ CIF II Scheme would conclude the round with Rs 235 crore ($27.6 million), followed by Premji Invest’s Rs 125 crore ($14.7 million).
How Will Giva Leverage This Funding?
Epiq Capital and Edelweiss Discovery Fund will contribute Rs 45 crore and Rs 35 crore, respectively, with Usha Dalmia Trust investing the remaining Rs 10 crore. The startup funding will be used to support operational costs such as recruiting, marketing, general corporate purposes, and other expenses mentioned in the business plan, according to the filing.
In addition to equity funding, Giva raised Rs 30 crore in loans from Alteria funding, according to a second filing. The company has also raised its ESOP pool by 15,853 equity shares valued at Rs 41 crore, bringing the total pool value to Rs 203 crore ($24 million).
Also Read: Metashot Has Secured 2 Cr from Karnataka Venture Fund
According to this latest startup news, the company’s worth will be around Rs 3,950 crore ($465 million), a twice rise from the previous fundraising round of Rs 255 crore. Founded in 2019, Giva began as an affordable jewellery firm and is currently expanding into gold jewellery and lab-grown diamonds.
Led by Ishendra Agarwal, the company now has over 150 retail outlets across India, in addition to its website and app, and has adopted a franchise-led model to expand its reach.
Based on the startup data analytics platform TheKredible, the Bengaluru-based startup has raised more than $85 million to date. Before this round, creator Ishendra Aggarwal held a 25.10% interest, with PremjiInvest owning 17.13%, India Quotient 13.38%, and A91 Partners 9.58%.
The jewellery brand’s annual sales increased by 66% to Rs 274 crore in the fiscal year ending March 2024, up from Rs 165 crore in FY23. However, its losses increased by more than 30% to Rs 59 crore within the same period.
Also Read: Uber Joined Wayve for Driverless Ride Trials in UK
Giva competes alongside many noteworthy competitors, including Bluestone, which filed its DRHP for Rs 1,000 crore IPO, CaratLane, Melorra, and a range of other sponsored and family-led, both offline and omnichannel brands.
Similarly, GilliDanda Tech Pvt Ltd, a Bangalore-based startup, has developed MetaShot, a smart cricket bat and smartphone game that integrates real-world cricket shots into gaming.
The startup has raised Rs 2 crore through convertible loans from the Karnataka Government’s Alternative Investment Fund (AIF), also known as the Karnataka Information Technology Venture Capital Fund (KITVEN Fund).
Follow The Techrising to stay ahead with the latest stories in startups, tech, so you never miss a breaking story or trending headline.
