समाचार Samāchār · Startups · 3 November 2026

GIVA raises ₹975 crore from Multiples. The next 160 stores go mainly to smaller cities

The Bengaluru jewellery brand closes a round of about $100 million, part primary and part secondary. FY26 revenue rose to ₹865 crore. Profit after tax is targeted for FY28.

A brand that began online in 2019 is putting its next money into shops. GIVA has raised ₹975 crore, about $100 million, in a round led by Multiples Alternate Asset Management. Existing investors Epiq Capital and Edelweiss Discovery Fund joined. Multiples gets a board seat. Inc42 and VIE Stories reported the terms on Tuesday.

Not all of it goes into the company. The round mixes primary and secondary capital. Early investors India Quotient and Sixth Sense Ventures sell part of their holdings and keep the rest. An ESOP buyback of ₹20–25 crore, the company’s seventh, pays 50–60 employees. The valuation is not disclosed. Founder and CEO Ishendra Agarwal says it is above the previous round’s ₹4,500–4,600 crore.

Revenue rose to ₹865 crore in FY26 from ₹505 crore. The EBITDA margin is still negative but narrowed to single digits. Agarwal says stores open over a year are profitable and expects profit after tax in FY28. GIVA has about 425 stores, about 70% of them in metros. It plans 160 more in FY27, focused on Tier II and III cities. It is going deeper in Lucknow, Dehradun, Kanpur and Surat, and entering Agra. Offline is about 45% of revenue today. Agarwal expects 75–80% within three years.

Silver is about 60% of revenue. Gold and lab-grown diamonds make up the rest. A silver piece averages about ₹3,500 and the blended order about ₹5,000. Bulk manufacturing is outsourced. Plating and finishing are in-house, and GIVA is investing in manufacturing in Jaipur and Mumbai. Agarwal targets IPO readiness in two to three years, with a listing at least three years away.

What a founder takes from it: Note the order: store economics first, then expansion, then a listing. The test now is whether new stores in smaller cities earn like the old ones. If they do, everyday jewellery becomes a consumption story beyond the metros.