Premji Invest Leads INR 270 Crore Round in Silver jewellery brand Giva
Written by Sanjay Kumar
News Highlights
- Giva, a silver jewellery brand, raises INR 200 crore in funding led by Premji Invest.
- The funding round aims to support Giva’s offline expansion and strengthen its omnichannel strategy.
- Giva plans to increase its retail store count and establish a nationwide presence in the coming years.
Azim Premji
Indian businessman
- Born: 24 July 1945 (age 77 years), Mumbai
- Net worth: 920 crores USD (2023) Forbes
- Spouse: Yasmeen Premji
- Education: St. Xavier’s College (Autonomous), Stanford University, St. Mary’s School ICSE, Mumbai
- Children: Rishad Premji, Tariq Premji
- Parents: M.H. Hasham Premji
- Organizations founded: Wipro Enterprises, Mission10X, Azim Premji Foundation
Premji Invest has led an INR 200 crore funding round in Giva, a silver jewellery brand. The company’s Series B round also saw participation from existing investors, including Aditya Birla Ventures, Alteria Capital, and A91 Partners. This funding round comes at a crucial time when several online-only direct-to-consumer (D2C) startups are seeking additional capital to expand their offline presence and strengthen their omnichannel strategy, particularly as demand slows down.
In addition to the INR 200 crore raised in primary capital, Giva facilitated a secondary sales transaction involving shares worth INR 70 crore, offering partial exits to early investors. However, Giva has not disclosed the identities of the investors who exited or the returns they received from the transaction.
Among Giva’s notable angel investors is Kunal Shah. Prior to this funding round, Giva had secured over $17 million from investors such as IQ Capital, AngelList, India Quotient, and Titan Capital, among others. According to available data on Tracxn, Giva was valued at $133 million.
Ishendra Agarwal, the founder and CEO of Giva, expressed enthusiasm about leveraging Premji Invest’s expertise in omnichannel strategies for consumer brands and retail businesses. He aims to strengthen Giva’s leadership position and establish a nationwide presence. The company plans to increase its retail store count from 50 stores in the coming years.
Giva faces competition from various new-age companies in the silver jewellery market, including BlueStone, backed by Accel. This market represents a $4 billion opportunity in India, with the organized market share currently standing at less than 7 percent, according to Varun Khandelwal, Principal-Investments at Premji Invest.
Khandelwal expressed excitement about partnering with Giva in its next phase of growth, with the goal of building a leading player in the market through a robust omnichannel approach.
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