Bengaluru-based jewellery brand Giva has successfully raised Rs 255 crore in an extended Series B funding round, the company announced on Monday. The round was spearheaded by Premji Invest, with new participants Epiq Capital and Edelweiss Discover Fund joining the investment, along with contributions from Giva’s top management.

The funding round comprised 35% primary investment and 65% secondary transactions, providing a partial exit for early investors A91 Partners and India Quotient. The current valuation of Giva was not disclosed, although reports from Tracxn estimate the company was valued at $172 million in July 2023.

The newly acquired funds will be directed towards expanding Giva’s offline presence across India and enhancing its lab-grown diamond product offerings. This comes as an extension of a previous Series B round in July, where Giva secured Rs 200 crore led by Premji Invest, alongside existing backers Aditya Birla Ventures, Alteria Capital, and A91 Partners.

“We position ourselves as a value-driven, accessible brand for Indian women, providing fine jewellery at affordable prices. This was the driving force behind our launch of lab-grown diamonds. Moving forward, we will continue expanding both our offline footprint and our lab-grown diamond collections,” said Ishendra Agarwal, co-founder and CEO of Giva.

Giva, founded in 2019 by Agarwal, Nikita Prasad, and Sachin Shetty, is known for offering a wide range of jewellery, including bracelets, earrings, necklaces, and rings through its website, mobile app, and offline stores. The brand also recently ventured into quick commerce platforms like Swiggy Instamart, Blinkit, and Zepto.

The company currently operates around 160 stores in India, with one international store in Sri Lanka. Giva plans to open over 100 new stores annually in key cities such as Mumbai, Hyderabad, Chennai, Ahmedabad, and Kolkata. Currently, Bengaluru and New Delhi account for over 50% of Giva’s physical stores.

The demand for lab-grown diamonds, which are priced significantly lower than natural diamonds but offer similar aesthetic appeal, is growing rapidly in India. Giva’s lab-grown diamonds are set in gold, catering to a rising consumer preference for sustainable and affordable luxury jewellery.

Giva’s omnichannel approach continues to thrive, with approximately 45% of sales generated via its website and 40% from its offline stores. The company’s growth trajectory has drawn admiration from investors, with Kaveesh Chawla, partner at Premji Invest, stating, “We are impressed by Giva’s commitment to creating a world-class shopping experience for fine jewellery customers, and we are excited to increase our investment as we partner on their growth journey.”

As Giva continues its expansion, it aims to solidify its position as a leading player in India’s fine jewellery market, particularly through its emphasis on accessible pricing and sustainable options like lab-grown diamonds.