GIVA Raises ₹975 Crore From Multiples and Will Not Say What It Is Worth, Only That It Is Above ₹4,500 Crore

GIVA, the Bengaluru jewellery brand, raised ₹975 crore, about $103 million, in a round led by Multiples Alternate Asset Management, according to Inc42. The company did not disclose a valuation. Ishendra Agarwal, cofounder and chief executive, told Inc42 it is higher than the last public mark of about ₹4,500 to ₹4,600 crore.

That gives a floor rather than a price. Against FY26 revenue of ₹865 crore, the previous mark is already about 5.2 times sales, and the new one is higher by an amount GIVA has chosen not to state.

The round is not all new money

Inc42 describes the round as a mix of primary and secondary capital, and it includes GIVA's seventh ESOP buyback, worth about ₹20 to ₹25 crore for 50 to 60 employees. Early investors India Quotient and Sixth Sense Ventures sell part of their holdings and keep the rest.

The announcement therefore does not tell a reader how much of the ₹975 crore reaches the company's accounts. Neither report gives the split. Existing investors Epiq Capital and Edelweiss Discovery Fund also took part, and Multiples gets a board seat.

GIVA raised a ₹530 crore Series C in June 2025, led by Creaegis, and had raised about $164 million from PremjiInvest, Northern Arc and Alteria Capital before this round, per Inc42.

FY26 numbers: growth with a loss attached

Revenue was ₹865 crore in FY26 against ₹505 crore in FY25, a rise of about 71%. BW Retail World reports the same ₹865 crore figure and a three-year compound growth rate above 70%.

The company remains loss-making. Inc42 says the negative EBITDA margin narrowed to single digits from double digits, with no rupee figure for either year. Agarwal said: "GIVA expects to become profitable on a profit after tax (PAT) basis in FY28."

1. FY25505 ₹ crore
2. FY26865 ₹ crore

Source: Inc42 and BW Retail World, accessed 2026-11-07

Where the stores are going

Inc42 says GIVA runs about 425 stores and will add 160 in FY27, with more weight on Tier II and III towns. BW Retail World says more than 400 stores across India and Sri Lanka and a target above 1,000 within five years.

Metric	Today	Stated target
Stores	about 425	160 more in FY27
Offline share of revenue	about 45%	75% to 80% in three years
Direct-to-consumer share	about 55%	not stated
Silver share of revenue	about 60%	not stated

About 70% of current stores are in metros. Manufacturing investment is planned in Jaipur and Mumbai. Silver is about 60% of revenue, with gold and lab-grown diamond jewellery making up the remaining 40%.

What the two reports do not settle

Sridhar Sankararaman, managing director of Multiples Alternate Asset Management, said retail expansion, new product categories and customer retention drove the investment, per BW Retail World. Chinmay Katdare, partner at Epiq Capital, said revenue has tripled since Epiq first invested.

Offline moving from 45% to 75% or more of revenue changes the cost base from advertising to rent and inventory. A profit date of FY28 sits alongside 160 openings in FY27, and the gap between those two is where the plan can fail. GIVA says it will be IPO-ready in two to three years, with a listing at least three years away.

Both outlets rely on the company's own announcement. The next hard data is GIVA's FY26 filing with the Registrar of Companies, which would show the loss in rupees and the share of the round that was secondary. Inc42's weekly tally lists GIVA's $103 million as the largest of 20 Indian deals in the week to Nov. 6, ahead of EloElo at $80 million. A listing path of the kind Razorpay is weighing is, by GIVA's own account, at least three years off. For another Indian company judged on a growth number rather than profit, see Angel One's client count.