GIVA raises $100 million from Multiples PE as jewellery brand eyes 1,000 stores in 3-5 years
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India's new-age fine jewellery market is attracting larger private equity bets as consumers increasingly turn to lightweight jewellery for everyday wear. Bengaluru-based GIVA has raised over $100 million in a funding round led by Multiples Alternate Asset Management, as the six-year-old brand looks to expand its retail footprint to more than 1,000 outlets over the next three to five years.
The investment, along with participation from co-investors, will help GIVA strengthen its presence across sterling silver, gold and lab-grown diamond jewellery, build manufacturing capabilities and accelerate its omnichannel expansion. The company currently operates over 400 stores across India and Sri Lanka, spanning more than 80 cities.
Founded in 2019 by Ishendra Agarwal, GIVA has built its business around affordable, everyday fine jewellery, targeting consumers buying for themselves as well as for gifting. Its portfolio includes 92.5 sterling silver, gold and lab-grown diamond jewellery, sold through its own retail network, direct-to-consumer website and third-party e-commerce and quick-commerce platforms.
The company said it has grown at a compound annual growth rate (CAGR) of over 70% in the past three years, closing FY26 with revenue of approximately ₹865 crore. The latest fundraise is being positioned as the largest investment in India's new-age jewellery market, according to the company.
"Multiples' backing is a strong endorsement of what we have built at GIVA since 2019, a high-growth, design-led fine jewellery brand that Indian consumers trust for everyday wear and gifting," said Agarwal, founder and CEO of GIVA.
He added that the company would focus on scaling its omnichannel presence, strengthening manufacturing capabilities and improving the fine jewellery experience for consumers. The company did not disclose its valuation or the detailed break-up of the funds raised.
Betting on the everyday jewellery opportunity
The investment comes as jewellery consumption patterns evolve beyond traditional purchases linked to weddings and special occasions. Lightweight designs and products that can be worn regularly are emerging as an important part of the market, creating opportunities for newer brands to attract younger consumers.
Sridhar Sankararaman, managing director of Multiples Alternate Asset Management, said GIVA had built its business by experimenting with new segments and retail formats while focusing on customer loyalty.
"Everyday buying habits are shifting towards lightweight jewellery that can be worn daily, and GIVA's design-led range is built for exactly that," he said.
India's jewellery market is estimated to grow at around 6% CAGR to reach $124 billion by 2032, according to the company. GIVA plans to use the fresh capital to strengthen its leadership team, expand manufacturing and deepen its offline presence.
The brand has also diversified beyond its core silver jewellery offering, entering gold and lab-grown diamonds through Heer by GIVA, while extending its portfolio to men's and children's jewellery. Its celebrity endorsements include actors Kriti Sanon and Anushka Sharma.
For Multiples, the investment adds to its portfolio of new-age consumer and technology businesses, which includes Delhivery, Licious, Acko, MoEngage and Geniemode. The fund manager has backed over 35 enterprises across sectors.