Homegrown private equity firm Multiples Alternate Asset Management has led a $100 million (about Rs 950 crore) funding round in local jewellery brand Giva, the company said Tuesday.
The announcement comes after VCCircle first reported in May this year about Giva’s plan to raise $100 million from Renuka Ramnath-led Multiples PE.
Giva said in a statement the capital will allow it to strengthen its leadership team, build manufacturing capabilities, and expand its offline presence.
“As we enter our next phase, we are focused on scaling our omnichannel presence, strengthening our manufacturing capabilities and elevating the fine jewellery experience for modern Indian consumers,” said Ishendra Agarwal, founder and chief executive officer of Giva.
“With Multiples’ experience in helping new-age businesses scale, we have the right partner for this journey. This $100 million round, the largest investment in India’s new-age jewellery market, gives us the strength to move faster,” he added.
Giva didn't disclose its valuation in the latest round. However, people familiar with the matter told VCCircle the round valued the company around Rs 4,800 crore.
Giva, operated by IndieJewels Fashion Pvt Ltd, was launched in 2019 by Agarwal and Nikita Prasad. It entered the market with a focus on organised, design-led silver jewellery and gradually expanded across gold and lab-grown diamond offerings. It is focused on everyday wear, catering primarily to Indian consumers for both self-consumption and gifting occasions.
In 2022, Giva opened its first exclusive offline store in Bengaluru, and follows an omnichannel distribution model through its own retail stores, direct-to-customer website and third-party e-commerce and quick-commerce marketplaces. Currently, it operates more than 400 stores across India and Sri Lanka. The brand is endorsed by several eminent celebrities, including actors Kriti Sanon and Anushka Sharma.
Last year, the company last raised Rs 530 crore in a Series C funding round led by growth-stage private equity investor Creaegis. Existing investors Premji lnvest, Epiq Capital, and Edelweiss Discovery Fund also invested in that round. The company also raised Rs 50 crore in debt from venture debt firm Alteria Capital and non-banking finance company Northern Arc earlier in 2025.
Previously, in October 2024, Giva secured Rs 255 crore investment in an extended Series B round led by Premji Invest. The round lifted the jewellery brand's valuation to around Rs 2,400 crore.
Giva said it grew at an annualised pace of about 70% over the last three years and ended FY26 with Rs 865 crore in revenue. It didn’t disclose its profit or loss number for FY26. According to VCCEdge, the company recorded revenue from operations of Rs 518 crore in FY25 and Rs 273 crore the year before. Its net loss widened to Rs 72.3 crore in FY25 from Rs 58.6 crore in FY24, as per VCCEdge.
