D2C Silver Jewellery Startup GIVA Raises Rs 40 Cr Debt Funding
Indiejewel Fashions Pvt Ltd, which operates consumer silver-jewellery focused startup Giva, has raised debt funding of Rs 40 crore (around $4.9 million) from venture debt fund Alteria Capital.
As per the startup, the raised funds will be used for driving channel expansion and further expanding its range of exquisitely crafted jewellery products.
GIVA | Affordable Premium Silver Jewellery
Founded by Ishendra Agarwal, Nikita Prasad and Sachin Shetty in 2019, Giva is a Bengaluru-based silver-jewellery focused startup that offers minimalist and contemporary silver-jewellery products, including earrings, necklaces, bracelets, and rings, crafted from high-quality sterling silver.
The startup operates with an omnichannel approach and has more than 50 offline touchpoints currently. It aims to reach 200 offline touchpoints by the end of this year and achieve revenues of Rs 350 crore in FY24.
Competing with Carat Lane, Bluestone, Melorra and Kushal’s, among others, Giva has so far raised $17.5 million to date. It also counts Aditya Birla Ventures, A91, Anicut and India Quotient as its investors.
Last year, Giva raised an undisclosed amount in a Series B round of funding. In January 2022, Giva raised $10 million in a Series A funding round led by Sixth Sense Ventures, A91 Partners and other marquee investors like India Quotient, Grand Anicut Angel Fund, and Founder’s Bank Capital.
Commenting on the development, Ankit Agarwal, Managing Partner, Alteria Capital, said,
“We believe Giva is well poised to play a pivotal role in bringing fine jewellery to the masses in India and has been able to make great inroads in both offline and online channels across the country.”
Established in 2018, Alteria Capital is India’s largest Venture Debt fund focused on innovative startups. Last year in October, Alteria Capital announced the first close of its Rs 1000 crore-third fund.
It manages around Rs 3,800 crore ($475 million) across its venture debt funds and has backed over 120 companies, which include Jupiter, Niyo, Rebel Foods, Kapiva, Mensa Brands, Believe, Mosaic Wellness, Sleep Company, Country Delight, among others.
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