India’s foremost silver jewellery brand GIVA concludes its Series B funding round from Aditya Birla Ventures, A91 Partners and Sixth Sense Ventures
After successfully concluding its Series A funding round at the start of 2022, Bengaluru-based online Silver jewellery focused startup GIVA has now announced the completion of its Series B round of funding led by Aditya Birla Ventures and A91 Partners along with the participation of Sixth Sense Ventures. Coming at a time when inflationary pressures and geopolitical tensions have led to a drying up of venture capital, GIVA’s ability to raise capital is indicative of its stellar performance and rapid growth.
Having achieved a revenue of INR 100 crore in FY2021-22, the company plans to deploy the raised capital in driving channel expansion and further diversifying its range of beautifully crafted jewellery pieces to enter new categories. As the Indian economy bounces back to above pre-COVID levels of economic activity, GIVA aims to capitalize on the improved levels of consumer spending by improving its distribution network and making its products accessible to a wider audience.
Founded by the trio of Ishendra Agarwal, Nikita Prasad, and Sachin Shetty in 2019, the company has its sights firmly set on achieving numero uno status in the organized silver jewellery retail sector. The company offers an exclusive jewellery collection of rings, necklaces, earrings, bracelets, and pendants exquisitely crafted using 925 hallmark silver and precious stones. Commencing operations as a solely online platform, GIVA has established an offline presence now through its network of 3 exclusive stores in Bangalore and partnerships with retail giants like Shoppers Stop, and Reliance Trends for a national presence.
Talking about the recently concluded Series B funding round, Ishendra Agarwal, Founder-GIVA quipped, “It gives us immense pleasure to announce the completion of our Series B funding round and are elated by the support received from top VC funds like Aditya Birla Ventures, A91 Partners, and Sixth Sense Ventures. In addition to the fund infusion, we are sure to benefit from their expertise in grooming new-age startups and intend to leverage their expertise to drive our retail channel expansion to further augment our customer base. As a brand, GIVA has grown by leaps and bounds in the challenging post-COVID period, thanks to peerless unit economics and a passionate team that is spearheading various initiatives across online and offline retail channels. We believe the time is ripe to expand our operations and product lineup, in turn making GIVA a household name when it comes to silver jewellery.”
Speaking on this occasion, Aryaman Vikram Birla, Founder of Aditya Birla Ventures said “With India being among the largest consumers of jewellery in the world, and with a growing trend of organised retail, we are very optimistic about the jewellery landscape in the country. We believe silver jewellery, in particular, is ripe for significant growth across both online as well as offline channels. With a strong focus on product, customer centricity and engagement, GIVA is one of the fastest growing silver jewellery brands, nationally. We are delighted to partner with Ishendra, Sachin and Nikita in their mission to create a trusted, affordable and new-age fine jewellery brand from India. The investment is in line with our vision to back outstanding founding teams building leading businesses of tomorrow. Being selective in our investments, our endeavour is to open up our global ecosystem and networks for the growth of our portfolio companies.”
With Indian consumers increasingly preferring quality products that provide great value, GIVA stands to benefit from the changing consumption patterns and is perfectly poised to become the forerunner in the organized silver jewellery retail business. With this latest capital infusion, customers can expect GIVA to increase its digital and physical presence further and enhance its product range by expanding into new categories that are gaining preference amongst youth today.
