New Delhi, June 25 -- Silver and gold jewellery retailer Giva said Wednesday it has raised Rs 530 crore ($61.7 million) in its Series C funding round led by growth-stage private equity investor Creaegis.

Existing investors PremjiInvest, Epiq Capital, and Edelweiss Discovery Fund also invested in the round, the company said in a statement.

The announcement comes after VCCircle reported late last month that Giva was in advanced discussions to raise funding and that Creaegis was the frontrunner to invest.

Previously, VCCircle reported in January that Giva was eyeing a new round of equity funding, which could include a secondary component.

Giva, operated by IndieJewels Fashion Pvt Ltd, said in its statement that it will use the capital to scale its retail and digital footprint, enhance tech-enabled supply chain capabilities, deepen its offerings in lab-grown diamond jewellery and expand into new categories.

"We are excited to partner with Ishendra Agarwal and the team at Giva as they embark on their next phase of growth in the everyday wear fine jewellery segment," said Prakash Parthasarathy, managing partner and chief investment officer, Creaegis. He added that Giva was well-positioned due to its product offering, strong digital presence and deep omni-channel operational capabilities.

The Series C funding follows the extended Series B round In October last year when PremjiInvest, the family office of Wipro founder Azim Premji, led a Rs 255-crore investment. That round lifted Giva's valuation to around Rs 2,400 crore. In the current round, the company's valuation could have risen above Rs 3,000 crore, VCCircle reported last month.

Giva also raised Rs 50 crore in debt from venture debt firm Alteria Capital and non-banking finance company Northern Arc earlier this year to fund its working capital requirements.

In its statement, Giva said it plans to open 145-150 stores this year, in addition to the 240-plus stores that it currently operates. The new stores would have a strong focus on Tier II cities, the company said.

Separately, the company also said that the company's chief operating officer, Aditya Labroo, has been elevated to the role of co-founder alongside founder Ishendra Agarwal.

In 2024-25, Giva's revenue is likely to have doubled to over Rs 500 crore, driven by strong growth in its silver jewellery portfolio, VCCircle previously reported. This revenue growth reportedly helped reduce the company's losses. Its EBITDA margin likely shrank to negative 5% in FY25 from negative 15% in FY24.

In 2023-24, Giva's consolidated revenue from operations rose 66% to Rs 273.6 crore, according to VCCEdge, the data research platform of VCCircle.

Published by HT Digital Content Services with permission from VC Circle.