Silver Jewellery brand GIVA secures Series B round of funding from Aditya Birla Ventures and others
- ByStartupStory | June 23, 2022
The brand GIVA, which specialises in silver jewellery, has received an undisclosed sum in investment from Aditya Birla Ventures, A91 Partners, and Sixth Sense Ventures as part of its Series B funding round. Existing investors as well as other angel investors took part in the round. The firm intends to make use of the cash to encourage the opening of new product categories and sales channel growth.
A range of designs are available in precious metals including 18-carat gold, rose gold, and oxidised silver with embellishments of zircon, pearl, marcasite, and other colourful stones at the Bangalore-based Giva, which was formed in 2019 by Ishendra Agarwal, Nikita Prasad, and Sachin Shetty. Through its own website, the business sells its goods online, and it also plans to quickly expand offline.
Ishendra Agarwal, co-founder of GIVA stated, “In addition to the infusion of funds, we will profit from their expertise in fostering new-age firms, which we want to use to expand our retail channel and grow our consumer base. Thanks to unit economics and a team-leading several projects across online and offline retail channels, GIVA has expanded as a brand throughout the difficult post-COVID time.”
The firm now has three exclusive boutiques in Bengaluru and has worked with major retailers like Shoppers Stop and Reliance Trends to expand across the country. In addition, the firm projects sales of Rs 100 crores for the fiscal year 2021–2022. Giva raised $10 million as part of its Series A investment round earlier this year, which was coordinated by D2C-focused venture capital firms Sixth Sense Ventures and A91 Partners.
“Our research indicates that silver jewellery, in particular, is poised for tremendous development both online and offline. GIVA is one of the fastest-growing silver jewellery businesses in the country, with a strong focus on product, client centricity, and engagement,” said Aryaman Vikram Birla, founder of Aditya Birla Ventures.
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