India's Giva raises $100M jewellery round led by Multiples

What's the deal? Fine jewellery brand GIVA has raised $100 million in a growth equity round led by Multiples Alternate Asset ManagementDealroom has a profile for this one. Try Dealroom →, alongside co-investors. Founded in 2019, the Bengaluru startup sells everyday silver, gold, and lab-grown diamond jewellery through an omnichannel model.

Why it stands out: The round ranks in the top quartile for deal size in its cohort, sitting around the 77th percentile — a notable raise for India's new-age jewellery market. Founder and chief executive officer Ishendra Agarwal called it "the largest investment in India's new-age jewellery market."

What's the endgame? GIVA plans to use the capital to strengthen its leadership team, build manufacturing capabilities, and expand its store network. It aims to scale from over 400 outlets today to more than 1,000 in the next three to five years.

By the numbers: GIVA grew at more than 70% CAGR over the past three years, ending FY26 at roughly US$117.5M in revenue. Earlier reports pegged FY25 revenue near US$70.5M against a net loss of about US$9.78M, leaving open the question of whether growth will translate into stronger economics.

Where it's headed: The brand currently retails through more than 400 stores across India and Sri Lanka, with a strong presence in Tier I and Tier II markets. The fresh funding backs deeper offline expansion as everyday buying habits shift toward lightweight, daily-wear jewellery.

The signal: Investors are backing omnichannel jewellers as India's market is forecast to grow at roughly 6% CAGR to $124 billion by 2032. But BlueStone's planned IPO — reportedly at a valuation below its last private round — is a reminder that expansion alone may not win over public markets.

Read more: bwdisrupt.com