Indiejewel Fashions Pvt. Ltd, which operates silver jewellery-focused brand Giva, has raised Rs 200 crore in its Series B funding round led by PremjiInvest, the family office investment arm of Wipro Ltd founder-chairman Azim Premji.
The round also comprised a secondary swap of shares worth Rs 70 crore, which means the total investment brought in by investors in this round stood at Rs 270 crore (around $33 million), a person aware of the development told VCCircle.
The funding round also saw participation from existing investors Aditya Birla Ventures, Alteria Capital and A91 Partners.
VCCircle had exclusively reported about this deal in April.
Giva plans to use the capital to expand its omni-channel presence with more offline stores and consolidate its position as the go-to platform for minimalistic jewellery and affordable gifting options, the company said in a statement.
“Silver jewellery is a $4 billion opportunity in India with the organized market share at less than 7%. Silver jewellery offers an attractive alternative to other fine jewellery options such as gold, platinum, etc. at an affordable price point for casual and everyday usage. Giva has emerged as a category leader with its focus on fine silver jewellery, design offerings and customer-centricity,” said Varun Khandelwal, principal – investments at Premji Invest.
Bengaluru-based Giva claims that it provides the largest range of certified and curated offerings in silver jewellery. It also said that it launches over 250 new designs every month. To date, Giva has opened more than 50 stores across top cities in India and plans to expand its presence across the country over the next five years.
The company’s early investors took exit with the latest round, the person cited above, added. However, it could not be immediately ascertained which investors have sole their stakes in the company.
Giva’s early investors include FirstCheque, Kunal Shah, India Quotient and Titan Capital, among others.
The brand pits against the likes of CaratLane, Bluestone, Melorra and Kushal’s, among others.
Prior to this, the company had raised Rs 40 crore from venture debt fund Alteria Capital in March. Also, in July last year, it secured $10 million as a part of its Series A funding led by direct-to-consumer (D2C) focused venture capital funds Sixth Sense Ventures and A91 Partners.
Meanwhile, with this transaction, PremjiInvest, which invests in public and private markets across sectors, has added another consumer brand to its portfolio. The investor’s consumer portfolio already included brands like ID Foods, Lenskart, FabIndia, and The Sleep Company.
“We look forward to leveraging PremjiInvest’s playbook on omni-channel across several consumer brands and retail businesses to strengthen our leadership position and establish our pan India presence,” said Ishendra Agarwal, founder and chief executive officer, Giva.