Bengaluru: Jewellery brand Giva has secured ₹530 crore in a Series C funding round led by growth-stage investment firm Creagis at an undisclosed valuation. Existing investors Premji Invest, Epiq Capital and Edelweiss Discovery Fund also participated in the round.
The company aims to expand its retail footprint and its range of lab-grown diamonds. It will use the funds to widen its omni-channel presence and expand into new categories including lab-grown diamond jewellery, it said in a statement on Wednesday.
Bengaluru-based Giva currently has more than 240 physical stores across India and plans to open up to 150 more stores this year, with a strong focus on tier II cities, where it said it has seen robust demand.
Founded in 2019 by Ishendra Agarwal and Nikita Prasad, Giva started out selling 925 sterling silver jewellery and has since diversified into 14K/18K gold and lab-grown diamond jewellery. It has raised nearly $60 million in funding so far. Its previous funding round was in October 2024, in which it raised ₹255 crore from a group of investors at a valuation of ₹2,170 crore, as Mint reported.
The lab-grown diamond segment currently contributes approximately 20% to the company’s overall business, Mint reported earlier this month.
Luxury from a lab
Lab-grown diamonds—which have the same physical and chemical composition as mined diamonds—currently represent 30% of the global diamond jewellery market, with the US accounting for 75–80% of total consumption, as per estimates by Wazir.
Their popularity in India has been growing of late. With prices at least 30-50% lower than those of their mined counterparts, these stones have helped fulfil the aspirations of many Indians who cannot afford natural diamonds
Companies in the space have seen an uptick in adoption, Mint reported in March. As of February 2025, nearly 30 lab-grown diamond brands were operating in India. Nine of these sell online, according to data sourced from retail consulting firm Wazir Advisors. The offline brigade, meanwhile, operates well over 200 stores selling lab-grown diamond jewellery across India, the March report said.
Malabar Gold & Diamonds is exploring an entry into the lab-grown diamond market with a distinct branding strategy. Swarovski, an Austrian affordable luxury company known for its glass-based products like jewellery, watches, and crystal decorations, is also focusing on selling lab-grown diamond jewellery in India.
Giva recently elevated chief operating officer Aditya Labroo to the role of co-founder, according to the company's statement on Wednesday. The startup competes with the likes of Bluestone, Caratlane and Melorra in the category. In FY24, Giva’s revenue surged 66% to ₹274 crore, while its losses widened to ₹59 crore from ₹45 crore the previous year.
“The company is well-positioned to be a market leader due to its product offering, strong digital presence and deep omni-channel operational capabilities,” said Prakash Parthasarathy, managing partner and CIO at Creaegis.