GIVA a D2C Silver Jewellery Startup, Raises $4.8 Mn in Debt Funding from Alteria Capital
- ByStartupStory | March 9, 2023
GIVA, a direct-to-consumer (D2C) startup that sells silver jewellery, has secured INR 40 Cr ($4.8 Mn) in debt funding from venture debt firm Alteria Capital. According to Ishendra Agarwal, one of GIVA’s co-founders, the company intends to use the funds to manage its inventory effectively and expand its offline presence in India.
Since its inception in 2019, GIVA, a D2C startup that specializes in selling affordable fine silver jewellery to women, has raised more than INR 130 Cr in equity funding. GIVA’s founders, Ishendra Agarwal, Nikita Prasa, and Sachin Shetty, aimed to provide women with an opportunity to purchase high-quality jewellery at a price range between INR 1000 and INR 20,000. According to Agarwal, while other fine jewellery brands in India, such as CaratLane, Melorra, Tanishq, and BlueStone, typically sell jewellery starting from INR 20K-25K, GIVA offers more affordable options for day-to-day wear, offices, and other occasions.
GIVA’s in-house team and a community of influencers develop jewellery designs that are then sent to third-party manufacturers for production. The startup conducts a quality check on the jewellery it receives from manufacturers to ensure the metal’s purity, proper stone placement, and no tarnishing or scratching.
The startup has an in-house design team and influencers who create jewellery designs, which are shared with third-party manufacturers. GIVA claims to sell 92.5% silver jewellery and offer a six-month warranty on jewellery breakage. Its investors include Aditya Birla Group, India Quotient, Sixth Sense Ventures, A91 Ventures, Founder Bank Capital, Anicut Angel Fund, and founders of ShareChat and First Cheque.
GIVA has reported that 90% of its revenue comes from online channels and 10% from offline channels. The startup claims to have a customer base of over 1.2 million, with more than 200,000 users visiting its website on a daily basis. It has over 40 exclusive brand outlets in India and plans to launch 100 retail outlets in Tier-II and Tier-III cities by FY23-24. GIVA claims to have witnessed over 100% revenue growth in FY22.
The Indian gem and jewellery market was valued at $25.30 billion in 2020 and is expected to grow at a CAGR of 21.35% by 2027, according to a Maximize Market Research report. Melorra, STAC Fine Jewelry, and Benaazir are some of the other players in India’s silver jewellery market. In the last year, jewellery brands such as Melorra, BlueStone, and Aulerth raised $16 million, $30 million, and $1.1 million, respectively.
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