GIVA raises ₹975 crore led by Multiples, plans 160 new stores
Jewellery brand GIVA raised ₹975 crore (about $103M) in a round led by Multiples. Past rounds, FY26 revenue of ₹865 crore and its store plan, explained.
Ishaan Vardhan10 Nov 2026 · 7 min read
Bengaluru jewellery brand GIVA has raised ₹975 crore (about $103 million) in a round led by Multiples Alternate Asset Management, Inc42 reported on 3 November 2026, with existing investors Epiq Capital and Edelweiss Discovery Fund also putting in money. The money mixes new capital, share sales and an employee stock buyback, and pays for 160 new stores in FY27.
For more deals this month, see our funding tracker.
Key takeaways
- Multiples led the ₹975 crore round and gets a board seat; early investors India Quotient and Sixth Sense Ventures sold part of their stakes, according to Inc42.
- The deal includes GIVA’s seventh ESOP buyback, worth about ₹20–25 crore for roughly 50–60 employees.
- FY26 revenue was ₹865 crore, according to Inc42 and Franchise India. The valuation was not disclosed.
- GIVA runs about 425 stores and plans 160 more in FY27, mostly in Tier II and III cities.
What GIVA raised and from whom
GIVA’s ₹975 crore round was led by Multiples, with earlier backers Epiq Capital and Edelweiss Discovery Fund, according to Inc42. DealStreetAsia reported on 4 November that Avendus Capital advised GIVA on the deal.
The outlets agree on the lead and the size: Inc42 gives the rupee figure, while DealStreetAsia, Entrepreneur India and Franchise India say “over $100 million”. None publishes the stake Multiples bought.
Primary, secondary and an ESOP buyback
Not all of the ₹975 crore reaches the company. Inc42 reports a mix of primary capital (new shares), secondary sales (existing holders selling) and an ESOP buyback, without the size of each part.
The buyback is GIVA’s seventh, worth about ₹20–25 crore for around 50–60 employees, according to Inc42 and Franchise India.
Valuation: not disclosed
GIVA has not published its new valuation. Chief executive Ishendra Agarwal told Inc42 it is higher than the ₹4,500–4,600 crore figure reported earlier.
GIVA’s past funding rounds
The latest round is GIVA’s largest so far. In June 2025 it closed a ₹530 crore Series C led by Creaegis at a valuation of $374 million, Inc42 reported from regulatory filings.
In October 2024 it raised ₹255 crore in an extended Series B led by Premji Invest, Epiq Capital, Edelweiss Discovery Fund and senior management. Entrackr put ₹89 crore of that as primary and ₹166 crore as secondary, which matches the 35% primary and 65% secondary split Business Today reported the same day. It has also used debt: ₹102 crore of equity and debt from Alteria Capital and Northern Arc in March 2025 (Inc42), and $28 million through a multi-tranche debt round in May 2026 (DealStreetAsia).
GIVA’s reported funding rounds. Sources: Business Today (14 Oct 2024), Entrackr (14 Oct 2024), Inc42 (25 Jun 2025 and 3 Nov 2026), DealStreetAsia (4 Nov 2026).
| Date | Round | Amount | Led by |
|---|---|---|---|
| Jul 2023 | Series B | ₹200 crore | Premji Invest |
| Oct 2024 | Extended Series B | ₹255 crore (₹89 crore primary) | Premji Invest, Epiq Capital, Edelweiss Discovery Fund |
| Mar 2025 | Equity and debt | ₹102 crore | Alteria Capital, Northern Arc |
| Jun 2025 | Series C | ₹530 crore ($374M valuation) | Creaegis |
| May 2026 | Debt | $28 million | Not named |
| Nov 2026 | Growth round | ₹975 crore (about $103M) | Multiples |
Revenue and losses from GIVA’s filings
GIVA’s revenue has grown fast while it stays loss-making. For FY25 (the year to March 2025), GIVA reported operating revenue of ₹518 crore, up 89% from ₹274 crore, and a loss of ₹72 crore, according to Entrackr’s reading of its RoC filings on 13 February 2026. Inc42 gave the consolidated net loss as ₹72.3 crore against ₹58.7 crore in FY24, with total expenses of ₹595 crore.
For FY26, Inc42 and Franchise India report revenue of ₹865 crore. One figure does not match: Inc42’s November article gives FY25 as ₹505 crore, while the filings reported in February show ₹518 crore. No FY26 loss figure is public. Agarwal told Inc42 the negative EBITDA margin shrank from double digits to single digits, and that the company expects to make a profit after tax in FY28.
GIVA revenue and net loss, ₹ crore. Sources: Entrackr (14 Oct 2024, 13 Feb 2026), Inc42 (25 Jun 2025, 24 Feb 2026, 3 Nov 2026).
| Year | Operating revenue | Net loss |
|---|---|---|
| FY23 | 165 | 45 |
| FY24 | 273.6 | 58.7 |
| FY25 | 518 | 72.3 |
| FY26 | 865 | Not disclosed |
Where the money goes: stores and manufacturing
Most of the new capital goes into stores and manufacturing. GIVA has about 425 stores, plans to add 160 in FY27 with a tilt towards Tier II and III cities, and will invest in manufacturing in Jaipur and Mumbai, according to Inc42. DealStreetAsia counts more than 400 across India and Sri Lanka, with a target of over 1,000 in three to five years.
Offline sales are about 45% of revenue and online about 55%, and GIVA wants stores to bring in 75–80% within three years, Inc42 reports. The store count has grown from about 150 in October 2024 (Entrackr) to more than 240 in February 2026 (Inc42).
Silver, gold and lab-grown diamonds
GIVA started in 2019 as an online-first silver jewellery brand and later added gold and lab-grown diamonds. Silver is still about 60% of revenue, and gold and lab-grown diamonds together about 40%, according to Inc42.
Entrepreneur India cites an estimate that India’s jewellery market will grow about 6% a year to $124 billion by 2032. India’s lab-grown diamond market was worth $300–350 million in 2024 and could grow about 15% a year over the next decade, Inc42 reports, citing Redseer.
Competitors: CaratLane, BlueStone and others
GIVA is still much smaller than its listed and Titan-owned rivals. Titan’s CaratLane reported FY25 revenue of ₹3,583 crore with more than 350 stores, and BlueStone reported ₹1,770 crore with a loss of ₹222 crore, according to Entrackr. BlueStone listed in August 2025 and turned a quarterly profit of almost ₹70 crore in Q3 FY26, Inc42 reported.
Why it matters
Agarwal called it the largest round yet in India’s new-age jewellery segment, according to Entrepreneur India. It funds a bet that growth will come from stores rather than the app, which costs more: each new store needs rent, staff and stock, and GIVA’s inventory already doubled to ₹100 crore in FY25, according to Entrackr. FY26 revenue is up and the EBITDA loss is narrower, but no filed figures yet show a profit. Agarwal told Inc42 the company aims to be ready for an IPO in two to three years.
FAQ
How much did GIVA raise in November 2026?
GIVA raised ₹975 crore, about $103 million, according to Inc42 on 3 November 2026; three other outlets say more than $100 million. Multiples Alternate Asset Management led, with Epiq Capital and Edelweiss Discovery Fund. Part of the money buys shares from early investors and staff.
What is GIVA’s valuation after the Multiples round?
GIVA has not disclosed it. Chief executive Ishendra Agarwal told Inc42 the new valuation is higher than the ₹4,500–4,600 crore reported earlier. The last valuation published from filings was $374 million in the June 2025 Series C led by Creaegis, according to Inc42.
Is GIVA profitable?
Not yet. GIVA lost ₹72.3 crore in FY25 on operating revenue of ₹518 crore, according to filings read by Inc42 and Entrackr. FY26 revenue rose to ₹865 crore and the negative EBITDA margin narrowed to single digits, the company told Inc42. It expects to make a profit after tax in FY28.
How many stores does GIVA have?
About 425, according to Inc42 in November 2026; DealStreetAsia says more than 400 across India and Sri Lanka. GIVA plans 160 more in FY27, mainly in Tier II and III cities such as Lucknow, Kanpur and Surat, and aims for more than 1,000 outlets in three to five years.
Who are GIVA’s main competitors?
The biggest are Titan’s CaratLane, with FY25 revenue of ₹3,583 crore, and BlueStone, which reported ₹1,770 crore and listed in August 2025, according to Entrackr. Inc42 has also named Kushal’s, Palmonas and Voylla as GIVA competitors, alongside Jar’s new jewellery brand Nek.
More funding stories are in our news section. This is news analysis, not investment advice.
Sources
- Inc42, “GIVA Raises ₹975 Cr Led By Multiples PE, Eyes 160 New Stores In FY27”, 3 November 2026. Link
- DealStreetAsia, “Indian jewellery brand GIVA raises over $100m led by Multiples”, 4 November 2026. Link
- Entrepreneur India, “Multiples PE Leads USD 100 Mn+ Round in GIVA”, 3 November 2026. Link
- Franchise India, “GIVA Secures Major Funding Boost Led by Multiples PE”, 4 November 2026. Link
- Inc42, “D2C Jewellery Startup GIVA Nets INR 530 Cr From Creaegis, Others”, 25 June 2025. Link
- Entrackr, “GIVA’s revenue jumps 89% to Rs 518 Cr in FY25”, 13 February 2026. Link
- Inc42, “GIVA’s Loss Widens 23% To ₹72 Cr In FY25, Revenue Jumps 90%”, 24 February 2026. Link
- Entrackr, “Giva raises Rs 255 Cr; A91 and India Quotient get exit worth Rs 166 Cr”, 14 October 2024. Link
- Business Today, “GIVA Jewellery raises Rs 255 cr in extended Series B, marks partial exit for A91 Partners, India Quotient”, 14 October 2024. Link
Related stories
Sources (9)
- Inc42 3 Nov 2026Round size, investors, structure, ESOP buyback, exits, valuation comment, FY26 revenue, stores, channel mix, product mix, Redseer LGD market, IPO plan
- DealStreetAsia 4 Nov 2026Over $100M, Avendus adviser, 400+ stores in India and Sri Lanka, 1,000 outlet target, May 2026 $28M debt
- Entrepreneur India 3 Nov 2026Over $100M, largest new-age jewellery round per founder, jewellery market $124B by 2032
- Franchise India 4 Nov 2026Over $100M, seventh ESOP buyback, FY26 revenue ₹865 crore
- Inc42 25 Jun 2025Series C ₹530 crore, $374M valuation, March 2025 ₹102 crore, FY24 figures, founders, competitors
- Entrackr 13 Feb 2026FY25 revenue ₹518 crore, loss ₹72 crore, inventory, CaratLane and BlueStone FY25
- Inc42 24 Feb 2026FY25 consolidated loss ₹72.3 crore, expenses, 240+ stores, BlueStone Q3 FY26 profit
- Entrackr 14 Oct 2024₹255 crore extended Series B, ₹89 crore primary, FY23 revenue and loss, about 150 stores
- Business Today 14 Oct 202435/65 primary-secondary split, July 2023 ₹200 crore Premji Invest round
