Silver Jewellery Startup GIVA Raises $10 Million In Series A
The funds will be utilized to innovate contemporary offerings, expand its global presence and augment online and offline sales channels
Bengaluru-based silver jewellery startup GIVA, has raised $10 million in its Series A funding led by Sixth Sense Ventures, A91 Partners and other marquee investors like India Quotient, Grand Anicut Angel Fund and Founder’s Bank Capital.
Providing a major fillip to its expansion strategy, these funds will help GIVA proliferate both online and offline channels with its range of modern silver jewellery that are crafted with quality for everyday use. With demand for premium hallmarked silver jewellery on the rise, GIVA is well-positioned to capitalize on this trend and will utilize a portion of the funds raised for enhancing its international presence, said a statement.
“We are ecstatic to have concluded our Series A funding. This funding round is a testament to the inroads made by GIVA in the short span of time and reflects the immense growth potential available, driven by a tectonic shift in consumption patterns of Indian consumers favouring silver jewelry. We will be employing these funds to innovate contemporary offerings in the jewelry space, expand our presence globally and augment our online and offline sales channels. Our anchor investors with their expertise in accelerating the growth of the D2C brands, will serve as a guiding force to catapult GIVA onto the next growth phase and achieve a target revenue of 200 crores for FY 2022,” said Ishendra Agarwal, founder-GIVA.
“We believe GIVA has been able to crack the right mix of channel, product and customer engagement - addressing our fundamental concerns. With the online jewellery space nascent relative to the mature offline market and the rise of silver jewellery consumption, we believe it is the perfect time to partner with GIVA,” said Nikhil Vora, founder and CEO-Sixth Sense Ventures.
GIVA has amassed a loyal customer base and is making silver jewellery desirable again. With a domestic market largely dominated by traditional brick and mortar stores, GIVA established its prowess at delivering timeless jewellery pieces at affordable prices, added the statement.