Giva, an omnichannel jewelry startup, has successfully raised Rs.100 crore or approximately $12 million in an extended Series B round, led by Premji Invest. This round marks Giva's first fundraising activity of 2024.

The company’s board approved the issuance of 68,028 Series B1 compulsorily convertible preference shares (CCPS) at Rs 14,700 per share to PI Opportunities Fund II (Premji Invest). This is Premji Invest’s third investment in Giva, having previously led a Rs. 270 crore Series B round last July.

According to estimates from TheKredible, Giva is now valued at around Rs.2,000 crore, with expectations for this valuation to adjust following the latest funding. To date, Giva has raised over $60 million from investors including Aditya Birla Venture and A91 Partners.

Originally launched as an affordable jewelry brand, Giva has expanded its product line to include gold jewelry and lab-grown diamonds. The company operates approximately 110 physical stores across India, in addition to its online platform.

Giva reported a substantial revenue growth of 96.4%, reaching Rs.165 crore in FY23. However, its expenditures also doubled to Rs .212 crore, resulting in a significant increase in losses, which climbed to Rs. 45 crore for the same fiscal year.

Giva has yet to disclose its FY24 financial results. The omnichannel jewelry sector has recently attracted considerable investor interest, with brands like Aukera raising Rs.26.7 crore or about $3.2 million in Series A funding, and Trisu, a Vermeil jewelry brand, securing an undisclosed amount in pre-seed funding.

Giva faces competition from several established players, including Melorra, Bluestone, and CaratLane, as well as various other funded and family-owned brands.