Mumbai: Private equity firm Multiples has signed an exclusive agreement to acquire a stake worth $80-100 million in jewellery startup Giva, two people familiar with the matter told Mint.
The deal is likely to value the company at about ₹6,000 crore and will be a mix of primary and secondary transactions, the people said, adding that the transaction is expected to close in the coming weeks.
The primary capital will go towards opening new stores, expanding inventory lines and strengthening manufacturing capabilities, including in the lab-grown diamond segment.
Mint reported last month that private equity funds, including TPG, Sofina and Multiples are in advanced stages of negotiations to acquire a stake in the company and the capital raise is aimed at funding the next leg of growth with some early backers like A91 Partners and Sixth Sense, likely to take part or full exits in the process.
Giva's latest fundraise comes amid rapid growth in India's jewellery market, particularly the lab-grown diamond segment, which was valued at $300-350 million in 2024 and is expected to grow at a 15% compound annual growth rate over the next decade, according to Redseer.
Giva and Multiples did not respond to Mint’s requests for a comment.
The discussions come shortly after Giva raised ₹530 crore in a Series C funding round led by growth-stage investment firm Creagis in June. Existing investors Premji Invest, Epiq Capital and Edelweiss Discovery Fund also participated in the round, which valued the company at about ₹4,800 crore.
Founded in 2019 by Ishendra Agarwal and Nikita Prasad, Bengaluru-based Giva started by selling 925 sterling silver jewellery before expanding into 14K and 18K gold as well as lab-grown diamond jewellery. It currently has over 240 physical stores across India and plans to open up to 150 additional outlets this year, with a strong focus on tier-II cities, where it has seen robust demand.
It competes with Bluestone, CaratLane and Melorra in India's fast-growing organised jewellery market.
As the market evolves, several prominent jewellery makers are expected to gradually pivot from exclusively natural or mined diamonds towards lab-grown alternatives, while high-end jewellers are increasingly incorporating lab-grown diamonds into select collections. This is expected to drive volumes while offering consumers a more affordable entry point.
The segment has gained significant traction over the past five years, led by millennials and Gen Z consumers, driven by stronger value propositions, trendier designs from new-age brands, and growing comfort with lab-grown diamonds as certified, high-quality products.
The category has also expanded beyond occasional fashion purchases into gifting, everyday wear and, increasingly, bridal jewellery, reflecting sustained consumer confidence and its emergence as a mainstream jewellery option.