GIVA Raises $100 Million: The Indian Jewellery Startup Redefining Everyday Luxury

A business that began with an idea to make jewellery more accessible is now preparing for a major retail expansion. With more than $100 million in fresh funding, GIVA is strengthening its manufacturing capabilities, expanding its product portfolio and setting its sights on more than 1,000 stores.

India’s jewellery market is entering a new phase of growth, driven by changing consumer preferences, digital-first shopping habits and demand for designs that combine affordability with contemporary style. Among the brands benefiting from this transformation is GIVA, the Bengaluru-based jewellery startup that has grown from an online silver jewellery business into an expanding omnichannel brand.

On November 3, 2026, GIVA announced a funding round of more than $100 million (approximately ₹975 crore) led by Multiples Alternate Asset Management, with participation from existing investors Epiq Capital and Edelweiss Discovery Fund. The investment is expected to support the company’s retail expansion, manufacturing capabilities, inventory requirements and leadership development.

The fundraising comes at an important stage in GIVA’s journey. According to company figures reported by the media, the brand generated approximately ₹865 crore in revenue in FY2026 and has grown at a compound annual growth rate of more than 70% over the past three years.

With over 400 stores across India and Sri Lanka, GIVA is now targeting a retail network of more than 1,000 stores over the next three to five years.

The central question is whether the company can convert its rapid growth into a sustainable, profitable jewellery business.

1. GIVA’s $100 Million Funding Round: What Investors Are Backing

GIVA’s latest funding round represents a significant investment in India’s new-age jewellery market.

Multiples Alternate Asset Management led the transaction, while Epiq Capital and Edelweiss Discovery Fund participated as existing investors. According to reports, the transaction includes primary and secondary capital and an employee stock ownership plan (ESOP) buyback.

The primary capital will support the company’s expansion plans, while the secondary component provides an opportunity for some existing shareholders to sell part of their holdings. The ESOP buyback also provides liquidity to eligible employees.

The company has not disclosed its latest valuation or the complete breakdown of the transaction.

Key funding highlights

• Funding raised: More than $100 million, approximately ₹975 crore.
• Lead investor: Multiples Alternate Asset Management.
• Other participating investors: Epiq Capital and Edelweiss Discovery Fund.
• Revenue reported for FY2026: Approximately ₹865 crore.
• Current retail footprint: More than 400 stores.
• Expansion ambition: More than 1,000 stores over the next three to five years.
• Primary investment priorities: Retail expansion, manufacturing, inventory and leadership development.

The scale of the investment reflects investor confidence in GIVA’s brand positioning and its opportunity to capture a greater share of India’s organised jewellery market.

However, capital alone does not guarantee success. The company will need to manage its growing retail network carefully while ensuring that additional investment translates into stronger customer engagement, revenue growth and profitability.

2. From an Online Silver Jewellery Brand to a Growing Retail Business

Founded in 2019, GIVA was built around a simple proposition: make attractive, contemporary jewellery accessible for everyday wear and gifting.

Rather than competing exclusively in the traditional fine jewellery segment, the company focused on sterling silver jewellery that appealed to consumers seeking fashionable designs at more accessible price points.

Its online-first approach helped the brand reach customers without initially depending on an extensive network of physical stores. The company developed its presence through its own website and online marketplaces, gradually building customer awareness and trust.

In an October 13, 2026 feature, Moneycontrol revisited founder Ishendra Agarwal’s early challenges, including GIVA’s limited initial order volumes and the work involved in establishing consumer trust in an online jewellery business.

The company’s early strategy included measures such as authenticity certificates, a return policy and lifetime replating for eligible silver products. These helped address some of the concerns customers can have when purchasing jewellery online.

GIVA subsequently expanded into physical retail, giving customers opportunities to view products in person and interact directly with the brand.

This transition from digital-first sales to an omnichannel model has become central to the company’s growth strategy.

3. Revenue Growth Strengthens the Case for Expansion

GIVA’s latest funding round follows substantial reported revenue growth.

According to figures provided by the company and reported by Inc42, GIVA generated approximately ₹865 crore in revenue in FY2026, compared with ₹505 crore in FY2025.

This represents an increase of approximately 71% year over year.

The increase demonstrates the momentum behind the company’s expansion across jewellery categories and sales channels.

At the same time, revenue growth needs to be evaluated alongside operating expenses, inventory requirements and store-level economics. Rapid retail expansion can place pressure on cash flow before newer locations reach maturity.

Inc42 reported that GIVA had narrowed its negative EBITDA margin to single digits in FY2026 from double digits in the previous financial year. The company has also indicated an ambition to achieve profit-after-tax profitability in FY2028.

These are encouraging signs, but the profitability target remains a forward-looking objective rather than an achieved result.

The next stage of GIVA’s development will depend on maintaining growth while improving the financial performance of its expanding business.

4. The 1,000-Store Ambition: Why Offline Retail Matters

One of the most important priorities following the funding round is GIVA’s plan to expand its physical retail network.

Recent reports place the company’s store count at approximately 425 locations. It plans to add around 160 stores during FY2027 and ultimately grow its network to more than 1,000 outlets.

The strategy reflects an important characteristic of jewellery shopping: while customers increasingly discover products online, many still value the ability to examine designs, assess their appearance and compare options in person.

Physical stores can strengthen customer confidence, create opportunities for personal assistance and support purchases for birthdays, anniversaries, festivals and other occasions.

GIVA also plans to deepen its presence in Tier II and Tier III cities. These markets could offer additional opportunities as organised retail reaches consumers beyond major metropolitan areas.

However, opening stores is only the first step. Long-term success will depend on selecting suitable locations, maintaining the right inventory, training employees and ensuring that each store generates sufficient sales to justify its operating costs.

A larger store network could increase GIVA’s visibility and customer reach, but disciplined execution will determine whether the expansion creates lasting value.

5. Manufacturing Investment: Building for the Next Growth Phase

GIVA’s expansion strategy also includes strengthening manufacturing capabilities.

As the company introduces new designs and increases the number of stores, it needs to ensure that products are available consistently across its sales channels.

In an interview reported by ET Retail on November 3, the company indicated that it was considering an investment of approximately ₹100 crore in manufacturing.

GIVA currently works with manufacturing partners for a portion of its production while handling processes such as plating and finishing in-house. Additional manufacturing capabilities could help improve quality control, production flexibility and the speed at which new designs reach customers.

These improvements are particularly important in a market where product quality, design freshness and reliable fulfilment influence customer loyalty.

The company also needs to manage its inventory carefully. Jewellery businesses must balance having enough products available to meet demand against the financial burden of holding excessive stock.

Greater investment in manufacturing and inventory management could help GIVA support its growing retail network while maintaining a consistent customer experience.

6. Silver, Gold and Lab-Grown Diamonds: A Diversified Product Strategy

GIVA’s original strength was silver jewellery, but its product portfolio has expanded considerably.

The company now operates across sterling silver, gold and lab-grown diamond jewellery, addressing different price points and customer needs.

Its gold and lab-grown diamond offerings are developed under Heer by GIVA, which targets consumers seeking accessible fine jewellery for gifting, personal purchases and special occasions.

According to Inc42’s November 2026 report, silver accounts for approximately 60% of GIVA’s revenue, while gold and lab-grown diamond jewellery together contribute around 40%.

This diversification could help the company increase the value of purchases made by existing customers. Someone who initially buys silver jewellery may later explore gold or diamond products as their preferences or spending capacity change.

GIVA is also expanding into men’s and children’s jewellery, broadening the range of products available under its brand portfolio.

The challenge is to maintain a clear brand identity across these segments. Different categories require appropriate pricing, quality standards, marketing and customer education.

By developing multiple product categories while retaining its focus on contemporary jewellery, GIVA is attempting to build a business that extends beyond its original silver jewellery niche.

7. Recent GIVA News: Three Developments to Watch

The funding announcement is the most significant recent financial development, but other company news from the last three months provides useful context for understanding its strategy.

October 9, 2026: Heer by GIVA strengthens its premium positioning

GIVA appointed Anushka Sharma as the face of Heer by GIVA and introduced its For You, Forever campaign. The campaign supports the brand’s positioning in gold and lab-grown diamond jewellery.

This move reflects the company’s effort to establish a distinct identity for its premium product categories while building on GIVA’s existing customer recognition.

October 13, 2026: A closer look at the founder’s journey

Moneycontrol published a profile of founder Ishendra Agarwal, exploring GIVA’s early difficulties, its approach to online customer trust and its transition into physical retail.

The story highlights the practical challenges of scaling a consumer business, including product positioning, fulfilment, inventory and store operations.

October 22–27, 2026: Festive campaigns support brand engagement

GIVA introduced its Diwali-inspired Pataka silver jewellery collection, with designs drawing inspiration from festive motifs. Its Heer by GIVA business also promoted self-gifting through its Diwali campaign and showcased gold jewellery collections.

On October 27, GIVA launched its Pataka for Every Pataka campaign featuring Shweta Tripathi.

These initiatives show how the company uses seasonal occasions, product launches and brand campaigns to encourage purchases and strengthen its position in the gifting market.

Taken together, these developments suggest that GIVA is pursuing a coordinated strategy: expand its premium portfolio, strengthen brand recognition, capture festive demand and build the operational capacity required for further growth.

8. Why Investors See Potential in India’s Organised Jewellery Market

GIVA’s funding round comes amid changing consumer preferences in India’s jewellery industry.

Traditional jewellery purchases remain important, but a growing segment of consumers is also exploring lightweight designs, everyday accessories and products at more accessible price points.

Several factors contribute to this opportunity.

Changing shopping habits: Digital platforms allow consumers to discover products, compare designs and purchase jewellery more conveniently.

Demand for everyday wear: Contemporary designs can appeal to consumers who want jewellery for work, casual occasions and personal expression rather than only weddings or major celebrations.

The omnichannel advantage: Online platforms provide reach, while physical stores allow customers to examine products and receive assistance.

Product diversification: Silver, gold and lab-grown diamonds enable brands to serve customers with different preferences and budgets.

Organised retail opportunities: Brands with consistent quality, recognisable identities and reliable customer service can compete in a market where many businesses remain fragmented.

For investors, the opportunity lies in backing brands that can combine product appeal with scalable operations and repeat customer purchases.

Nevertheless, competition remains intense. GIVA must continue to differentiate itself through design, quality, pricing, customer service and efficient distribution.

9. What the Latest Funding Means for GIVA’s Future

GIVA’s new capital provides resources to pursue its next phase of growth, but execution will be critical.

The company plans to expand its physical stores, invest in manufacturing and increase inventory across its jewellery categories. It also aims to strengthen its leadership team as the business becomes larger and more operationally complex.

According to Inc42’s November 3 report, GIVA is targeting IPO readiness within two to three years, although a public listing is not an immediate milestone.

Preparing for a potential listing would require continued progress in financial performance, governance, operational systems and sustainable growth. The timeline remains an ambition and could change depending on business performance and market conditions.

The company must also navigate fluctuations in precious-metal prices, changing consumer spending and competition from established jewellery retailers and digital-first brands.

Its ability to manage these risks while sustaining demand will help determine whether the latest investment creates long-term value.

Conclusion: Can GIVA Turn Rapid Growth into Lasting Success?

GIVA’s $100 million-plus funding round marks an important milestone in the evolution of India’s new-age jewellery businesses.

Founded as an online-first silver jewellery brand, the company has expanded into gold and lab-grown diamonds, built a growing physical retail network and attracted substantial institutional investment.

Its latest funding provides the resources to strengthen manufacturing, widen distribution and pursue its goal of operating more than 1,000 stores.

The company’s recent revenue growth and narrowing negative EBITDA margin offer encouraging signs. However, its next phase will require more than expansion. GIVA must demonstrate that it can operate a larger retail network efficiently, maintain product quality, build customer loyalty and achieve sustainable profitability.

For India’s startup ecosystem, GIVA offers a compelling example of a consumer brand evolving from a focused digital business into a broader omnichannel enterprise.