Mumbai: A clutch of private equity (PE) firms including Multiples Private Equity, Warburg Pincus and Kedaara Capital are evaluating a stake in jewellery brand Giva in an $80-100 million deal, three people familiar with the matter told Mint.
“The company is expected to see an uptick in its valuation and is seeking a little over ₹6,000 crore for this round,” the first of the three persons cited earlier said, all of whom spoke on the condition of anonymity. The second person said the round is largely primary (about 75%) with a small secondary component that is likely to see early investors like A91 Partners and Sixth Sense Ventures exit their stake in part or full as the structures are still being decided.
“The company plans to use the funds towards expansion plans including opening new stores, expanding inventory lines and manufacturing capabilities. Its lab-grown diamond segment has also seen tremendous growth in recent months,” The third person said, adding that the bids are likely to be submitted over the next 7-10 days.
Multiples, Giva, Warburg, Kedaara, A91 did not respond to Mint’s requests for comment. A Sixth Sense spokesperson said “no comments”.
Talks for a new funding round emerge less than a year after the company raised ₹530 crore in a Series C round led by growth-stage investment firm Creagis.
Existing investors Premji Invest, Epiq Capital and Edelweiss Discovery Fund also participated in the round, which, sources said, valued the company at about ₹4,800 crore.
Giva’s fundraise comes amid rapid growth in India’s jewellery market, particularly the lab-grown diamond segment, valued at $300–350 million in 2024 and expected to grow at a 15% CAGR over the next decade, according to Redseer. As the market evolves, several prominent jewellery makers will gradually pivot from exclusively natural/mined diamonds in favour of lab-grown alternatives, alongside high-end jewellers incorporating the lab-growns into their select collections, which will drive sales volumes and act as an affordable entry point for consumers.
This segment has particularly picked up pace in the past five years, with millennials and Gen Z leading this shift, driven by better value, trendier designs from new-age brands, and growing comfort with lab-grown diamonds as a certified, high-quality product. This category has also widened beyond occasional fashion to gifting, daily wear, and, increasingly, bridal, reflecting sustained consumer confidence and a willingness to treat them as a mainstream jewellery option.
After the previous funding round, Giva had said it would use the proceeds 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, which contributed about 20% to the company’s overall business, Mint reported in June 2025.
The Bengaluru-based company has more than 240 physical stores across India and plans to open up to 150 more outlets this year, with a strong focus on tier-II cities, where it said it has seen robust demand. It competes with the likes of Bluestone, Caratlane and Melorra in the category.
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. In FY25, the company’s operating revenue surged 89% to ₹518 crore while its losses widened to ₹72 crore from ₹59 crore in FY24, according to a report by Entrackr.