Indian billionaire and Wipro chairman, Azim Premji by investing Rs 270 crore, is leading a Series B round of fund raising in Giva, which is an omnichannel silver jewellery brand. The brand overall raised a funding capital of Rs 200 crore to expand its business.
“While ₹200 crore are coming as primary funding into the company, around ₹70 crore of secondary stake sale has also happened where some of our existing angel and early-stage investors have partly exited," said Ishendra Agarwal, founder, Giva.
The round saw participation from various existing investors like Aditya Birla Ventures, Alteria Capital and A91 Partners, the company said in a statement. The funding will help the company in innovating further and expand its product categories and offerings.
"This investment will empower GIVA to expand its omnichannel presence with more offline stores and consolidate its position as the go-to platform for minimalistic jewellery and affordable gifting options," Giva said in a statement.
As per Agarwal, the company's valuation has doubled since it last raised Series A funding of $10 million in 2022. “We will use the capital to expand our physical footprint across cities," said Agarwal . He further highlighted that about 85% of their sales comes from online channels.
“Offline has been expanding very fast. Over the next three years, we see it becoming a 50-50 split between online and offline," he added.
The Series A funding round was led by Sixth Sense Ventures, A91 Partners and other investors like India Quotient, Grand Anicut Angel Fund, and Founder’s Bank Capital. According to reports, the company is clocking an annualised revenue run rate of around ₹220 crore, up from ₹170 crore it earned in FY 23.
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“We are contributory margin positive and are targeting (earnings before interest, tax, depreciation and amortisation), ebitda profitability in the next nine to 12 months," Agarwal said.
The company further said that it plans to enter into new segments in search of further growth. “Right now, we have minimal fine silver jewelry, but then we will also be exploring other areas of silver jewelry which is colored stones, which is going into regional elements of jewelry among other things to build Giva as the one stop shop for silver jewellery buying," Agarwal said.