Providing a major fillip to its expansion strategy, these funds will help GIVA proliferate both online and offline channels with its range of modern silver jewellery that are crafted with quality for everyday use.
Bengaluru-based silver jewellery startup GIVA has raised its Series A funding round of $10 mn led by D2C focused venture capital funds Sixth Sense Ventures, A91 Partners and other marquee investors like India Quotient, Grand Anicut Angel Fund, and Founder’s Bank Capital.
Providing a major fillip to its expansion strategy, these funds will help GIVA proliferate both online and offline channels with its range of modern silver jewellery that are crafted with quality for everyday use. With a domestic market that has rebounded sharply post-COVID and demand for premium hallmarked silver jewellery on the rise, GIVA is well-positioned to capitalize on this trend and will utilize a portion of the funds raised for enhancing its international presence as well.
While most of the capital raised will be pumped into driving product development, GIVA has laid out plans to venture into new product categories to appeal to a wider set of audiences with its range of 925 hallmarks pure sterling silver jewellery that is hypoallergenic. GIVA also offers a range of designs in metals like 18K Gold, Rose Gold, and Oxidized Silver with embellishments of zircon, pearl, marcasite, and other coloured stones. Founded in 2019 with a vision of achieving the numero-uno position in the silver jewellery market, GIVA will also expand its digital presence through a dedicated mobile application to enhance customer convenience further and drive offline business through partnerships with leading retailers. Additionally, GIVA aims to leverage its unique positioning and offerings to appeal to a global customer base with strategic efforts planned to establish itself internationally as well.
Commenting on their successful funding round, Ishendra Agarwal, Founder-GIVA added, “We are ecstatic to have concluded our Series A funding round led by leading investors including Sixth Sense Ventures, A91 Partners, India Quotient, Grand Anicut Angel Fund, and Founder’s Bank Capital, who share in our vision of establishing GIVA as the leading jewellery brand in the Indian market. This funding round is a testament to the inroads made by GIVA in the short span of time and reflects the immense growth potential available, driven by a tectonic shift in consumption patterns of Indian consumers favouring silver jewellery. We will be employing these funds to innovate contemporary offerings in the jewellery space, expand our presence globally and augment our online and offline sales channels. Our anchor investors with their expertise in accelerating the growth of the D2C brands, will serve as a guiding force to catapult GIVA onto the next growth phase and achieve a target revenue of 200 crores for FY 2022.”
Speaking on the reason behind them backing GIVA, Nikhil Vora, Founder & CEO-Sixth Sense Ventures quipped, “We have been apprehensive about the jewellery space in general given the offline demands of the gold segment (along with low purchase frequency and limited pricing leverage relative to spot gold) and challenges with respect to brand building for the fashion jewellery segment. However, we believe GIVA has been able to crack the right mix of channel (online dominated), product (affordable silver jewellery, designed for the modern consumer) and customer engagement – addressing our fundamental concerns. With the online jewellery space nascent relative to the mature offline market and the rise of silver jewellery consumption, we believe it is the perfect time to partner with GIVA. We are excited to partner with Ishendra, Nikita, Sachin and the GIVA team on this journey!”
Boasting of customer convenience features GIVA has amassed a loyal customer base and is making silver jewellery desirable again. With a domestic market largely dominated by traditional brick and mortar stores, GIVA established its prowess at delivering timeless jewellery pieces at affordable prices.
Source: Business World
