QUICK TAKE:
| Company: | GIVA (Indiejewel Fashions Pvt. Ltd.) — D2C fine jewelry, Bengaluru. Founded 2019 by Ishendra Agarwal, Nikita Prasad & Sachin Shetty |
| Round: | ₹110 crore (~$12 million) — Series C1 extension. 9,401,710 CCPS issued at ₹117/share |
| Lead Investor: | HPV CC1 Ltd — investing ₹74.25 crore ($8.25M), the single largest check in this tranche |
| Co-Investors: | Premji Invest (PI Opportunities Fund II) • Kenro Capital • Titan Capital (Winners Fund) — ₹11 crore each |
| Context: | Comes 9 months after GIVA’s ₹530 crore Series C (June 2025) led by Creaegis. Total raised to date: $146M+ |
| Financials: | FY25 revenue: ₹518 crore (89% YoY growth). Net loss: ₹72 crore. Previous year: ₹274 crore revenue (66% growth) |
| Retail Footprint: | ~150 physical stores across India; franchise-led model; omnichannel via website, app, and Shoppers Stop shop-in-shops |
THE STORY
In an exclusive reported by Entrackr from RoC filings, Bengaluru-based D2C jewellery brand GIVA is raising ₹110 crore ($12 million) in a Series C1 extension round—just nine months after closing its ₹530 crore ($61.5 million). Series C was led by Creaegis in June 2025. This latest tranche is led by HPV CC1 Ltd (₹74.25 crore), with continued participation from Premji Invest, Kenro Capital, and Titan Capital (₹11 crore each). The round structure — a C1 extension rather than a Series D — is significant: GIVA is not resetting valuation for a new round. It is extending capital at the same Series C terms, which tells investors the existing valuation holds, and the brand needs incremental fuel to maintain its already-burning expansion pace.
WHY THIS MATTERS
GIVA’s 89% revenue jump to ₹518 crore in FY25 is one of the most impressive growth rates in India’s consumer brand sector this year. But it comes with a ₹72 crore net loss that is widening—up 22% from ₹59 crore in FY24. This is the core tension in GIVA’s story: fast-growing topline, investment-heavy expansion, no clear path to profitability yet. The $12M extension is exactly the kind of capital bridge brands raise when they are growing fast, burning to open stores, and want to maintain momentum without the distraction of a full Series D fundraise process. The presence of Titan Capital (Snapdeal founders’ fund) and Premji Invest doubling down validates the brand’s unit economics at the store level, even if consolidated P&L remains red.
Who’s Backing GIVA: C1 Round Investor Breakdown
| Investor | Amount (₹) | Amount ($) | Who They Are |
|---|---|---|---|
| HPV CC1 Ltd | ₹74.25 crore | $8.25 million | Lead investor in this C1 tranche; emerging PE/family office; first disclosed investment in GIVA |
| Premji Invest (PI Opp. Fund II) | ₹11 crore | $1.22 million | Azim Premji’s investment office; existing GIVA backer since Series B; led prior rounds |
| Kenro Capital | ₹13.75 crore | $1.53 million | Consumer-focused investor; earlier investor in GIVA; continues backing across rounds |
| Titan Capital (Winners Fund) | ₹11 crore | $1.22 million | Founded by Snapdeal co-founders Kunal Bahl & Rohit Bansal; consumer internet-focused fund |
| Total (C1 Round) | ₹110 crore | $12 million | 9,401,710 Series C1 CCPS issued at ₹117/share via RoC-filed board resolution |
GIVA’s Complete Funding Journey: ₹3 Crore to $146M+ in 7 Years
| Year | Round | Amount | Lead / Key Investors | Milestone |
|---|---|---|---|---|
| 2019–20 | Seed / Angel | Undisclosed | India Quotient, Angel investors | Launch; 925 silver jewellery; online-first model |
| 2021 | Series A | ~₹30 Cr | A91 Partners, India Quotient, Sixth Sense | First expansion into retail: Shoppers Stop tie-up |
| 2022 | Debt | ₹40 Cr ($4.8M) | Alteria Capital | Inventory expansion: 40 exclusive brand outlets live |
| 2024 | Ext. Series B | ₹255 Cr (~$30M) | Premji Invest, Epiq Capital, Edelweiss DF | Gold + lab-grown diamonds launched; 199+ stores |
| Mar 2025 | Bridge | ₹102 Cr (~$12M) | Alteria Capital, Northern Arc (equity + debt) | New stores; working capital; pre-Series C bridge |
| Jun 2025 | Series C | ₹530 Cr ($61.5M) | Creaegis (lead), Premji Invest, Epiq Capital, Edelweiss DF | Post-money valuation: ~₹3,950 Cr ($465M); 240+ stores |
| Feb 2026 | Series C1 ♥ | ₹110 Cr ($12M) | HPV CC1 (lead), Premji Invest, Kenro, Titan Capital | C1 extension at existing Series C terms; accelerated store rollout |
GIVA’s Financial Trajectory: The Growth vs Loss Tightrope
| Metric | FY24 | FY25 | Signal |
|---|---|---|---|
| Operating Revenue | ₹274 crore | ₹518 crore | 89% YoY growth—highest in D2C jewellery segment |
| Net Loss | ₹59 crore | ₹72 crore | Loss widening 22%—cost of aggressive store expansion |
| YoY Revenue CAGR (3-yr) | 66% (FY23→FY24) | 89% (FY24→FY25) | Accelerating growth — unusual at this revenue scale |
| Revenue / Store (approx.) | ₹274 Cr / 199 stores = ₹1.4 Cr | ₹518 Cr / 150 stores = ₹3.5 Cr | Revenue/store jumped as GIVA optimised store mix |
| Total Capital Raised | $85M (pre-Series C) | $146M+ (post-C1) | ₹530 Cr Series C was transformational; C1 is follow-on fuel |
| Reading the Numbers Honestly
GIVA’s FY25 story is compelling at the topline but needs scrutiny at the bottom line. 89% revenue growth at the ₹518 crore scale is genuinely exceptional—most D2C brands plateau well before this. But a ₹72 crore net loss means GIVA spent ₹14 for every ₹100 it earned. The bet is classic venture-backed retail: each new store is an investment that takes 12–18 months to break even. If GIVA’s existing stores are profitable and new openings are the loss driver—which the revenue-per-store data suggests—then the loss is structural growth capex, not operational weakness. Investors are betting on that distinction. |
From ₹1,000 Silver Rings to India’s D2C Jewellery Leader
GIVA’s brand journey is one of the cleanest product-market-fit stories in Indian D2C. The founders—Ishendra Agarwal, Nikita Prasad, and Sachin Shetty—spotted a gap that seems obvious in hindsight: India has millions of women who want fine, everyday jewelry priced between ₹1,000 and ₹20,000. Traditional jewelry brands like Tanishq, CaratLane, and Melorra start at ₹20K–25K. GIVA positioned itself as ‘fine jewelry that you actually wear to work’—925 sterling silver, certified, everyday-wear designs, Instagram-ready packaging, and influencer-first marketing that Gen-Z and millennials actually trust. From a single product category (silver), GIVA has since expanded into 14K/18K gold and lab-grown diamonds—a high-margin, sustainability-led category that is reshaping premium jewelry globally. Today, GIVA ships from 150+ physical stores, its own website, and Shoppers Stop’s shop-in-shop format.
The D2C Jewellery Battlefield: Where GIVA Stands
| Brand | FY25 Revenue | Status | GIVA’s Positioning vs Them |
|---|---|---|---|
| BlueStone | ₹1,770 crore | Listed (Aug 2025 IPO) | 3x GIVA’s revenue but loss-making (₹222 Cr); targets higher price points; less Gen-Z appeal |
| CaratLane (Tata) | ~₹1,400 crore | Tata subsidiary (private) | Tata brand backing, pan-India scale; stronger tier-1 retail, and not pure-play D2C |
| GIVA ♥ | ₹518 crore | Series C1 (private) | Sweet spot: ₹1K–20K price range; Gen-Z + millennial core; fastest revenue growth rate in segment |
| Melorra | ~₹200 crore | Series C (private) | Gold-first, heavier SKUs, less social-native, slower growth momentum vs GIVA |
| Palmonas | ~₹50–70 crore | Series A (private) | Direct GIVA competitor in silver + demi-fine; smaller scale; lab-grown diamond focus |
STARTUPFEED INSIGHT
| The Series C1 Signal: When a company raises an ‘extension’ at existing Series C terms rather than a new Series D, it means one of two things: (a) the valuation from the last round is being defended, or (b) the company is growing so fast it doesn’t need to shop a new round—existing investors are happy to put more in. GIVA’s 89% revenue growth makes (b) the far more likely read here. | |
| For Founders: | GIVA’s raise is a masterclass in sequenced fundraising: seed → angel → venture debt for inventory → Series A/B → Series C mega round → C1 extension. Each tranche had a clear purpose. If you’re a D2C brand and you have the receipts to show store-level unit economics, don’t default to a full Series D process—consider a C extension that preserves your valuation. |
| For Investors: | HPV CC1 Ltd. is the new name to watch. First disclosed GIVA investment, leading the C1 tranche with ₹74 crore. This is either a family office or a PE vehicle making its move into D2C consumers—watch for their next 2–3 deals in the sector as they build a consumer D2C portfolio. |
| For Consumers: | More GIVA stores are coming—especially in Tier II cities. If you’re in Jaipur, Lucknow, Bhopal, or Chandigarh, GIVA’s physical footprint is expanding toward you. Lab-grown diamond collections will get a bigger push with this capital. |
| Our Prediction: GIVA will reach ₹900 crore+ in revenue in FY26, crossing the psychological ₹1,000 crore milestone in FY27—which will trigger its IPO conversation. BlueStone’s August 2025 listing and the strong D2C consumer market provide a clear public market template. Expect GIVA to file DRHP with SEBI by Q3 FY27, targeting a ₹5,500–6,000 crore valuation (roughly $650–700M) at listing. The IPO will be positioned as ‘India’s jewelry brand for the next generation’—the emotional narrative is already being built. | |
