GIVA Closes Series B Funding Round Led By Aditya Birla Ventures, A91 Partners
The company plans to deploy the raised capital in driving channel expansion and further diversifying its range of beautifully crafted jewellery pieces to enter new categories
Bengaluru-based online silver jewellery-focused startup GIVA has completed its Series B round of funding led by Aditya Birla Ventures and A91 Partners along with the participation of Sixth Sense Ventures.
Having achieved a revenue of INR 100 crore in FY2021-22, the company plans to deploy the raised capital in driving channel expansion and further diversifying its range of beautifully crafted jewellery pieces to enter new categories, said a statement. As the Indian economy bounces back to above pre-COVID levels of economic activity, GIVA aims to capitalize on the improved levels of consumer spending by improving its distribution network and making its products accessible to a wider audience, added the statement.
"It gives us immense pleasure to announce the completion of our Series B funding round and are elated by the support received from top VC funds like Aditya Birla Ventures, A91 Partners, and Sixth Sense Ventures. In addition to the fund infusion, we are sure to benefit from their expertise in grooming new-age startups and intend to leverage their expertise to drive our retail channel expansion to further augment our customer base," said Ishendra Agarwal, founder, GIVA.
"With India being among the largest consumers of jewellery in the world, and with a growing trend of organised retail, we are very optimistic about the jewellery landscape in the country. We believe silver jewellery, in particular, is ripe for significant growth across both online as well as offline channels. With a strong focus on product, customer centricity and engagement, GIVA is one of the fastest growing silver jewellery brands, nationally," said Aryaman Vikram Birla, founder, Aditya Birla Ventures.
Founded by the trio of Ishendra Agarwal, Nikita Prasad, and Sachin Shetty in 2019, the company aims to lead the organized silver jewellery retail sector. GIVA offers an exclusive jewellery collection of rings, necklaces, earrings, bracelets, and pendants crafted using 925 hallmark silver and precious stones. Commencing operations as a solely online platform, GIVA has established an offline presence now through its network of three exclusive stores in Bangalore and partnerships with retail giants like Shoppers Stop and Reliance Trends for a national presence.