GIVA's ₹975 Crore Round Is Part Secondary, and Nobody Has Said How Much

GIVA, the Bengaluru silver and lab-grown-diamond jewellery brand, has raised ₹975 crore, about $103 million, in a round led by Multiples Alternate Asset Management, Inc42 reported on November 3. Part of the money is secondary, and the company has not said how much.

Chief executive and cofounder Ishendra Agarwal confirmed to Inc42 that the round mixes primary and secondary capital and includes an ESOP buyback. Announced is the right word, because no filing has yet shown what the company itself received.

Who sold and who bought in the GIVA round

Multiples takes a board seat. Existing investors Epiq Capital and Edelweiss Discovery Fund took part. India Quotient and Sixth Sense Ventures, two early backers, partly exited and kept stakes. The seventh ESOP buyback is worth about ₹20 to ₹25 crore and covers 50 to 60 employees, per Inc42.

That means the primary raise is at most ₹975 crore less the buyback and the early-investor sales, and could be materially lower. Entrackr reported "over $100 million" and said GIVA raised $28 million of debt in May, which "could be part of" the round. Entrackr did not confirm that.

What the valuation implies

Agarwal declined to give a valuation but said it is above the previously announced ₹4,500 to ₹4,600 crore, per Inc42. Taking ₹4,500 crore as a floor against the company's stated FY26 revenue of ₹865 crore gives at least 5.2 times trailing revenue. The Terminal calculated that; GIVA did not state a multiple, and the filing that would give a post-money figure has not appeared.

The company's own numbers are the only ones available, because Entrackr says GIVA has not yet filed FY26 financials. The two outlets also disagree on the base year.

Metric	Inc42	Entrackr
FY26 revenue	₹865 crore	about ₹865 crore, company-stated
FY25 revenue	₹505 crore	₹518 crore operating revenue
FY25 loss	not given	₹72 crore, up 22%
Implied FY26 growth	about 71%	about 67%

The growth rates are the author's arithmetic on each outlet's figures. Inc42 also says EBITDA is still negative but has narrowed to single-digit percent from double digits, and that GIVA expects to reach profit after tax in FY28.

Stores, silver and the offline bet

GIVA runs about 425 stores, 70 percent of them in metros, and plans to add 160 in FY27, with Lucknow, Dehradun, Kanpur and Surat deepened and Agra new. Offline is about 45 percent of revenue and online 55 percent; Agarwal expects offline to reach 75 to 80 percent within three years. Entrackr reports a target of more than 1,000 outlets in three to five years.

Silver is about 60 percent of revenue, with gold and lab-grown diamond together about 40 percent. Average selling price is about ₹3,500 for silver and ₹15,000 to ₹18,000 for lab-grown diamond. Inc42 says the company will invest in manufacturing in Jaipur and Mumbai while continuing to outsource bulk production.

1. Silver60 %
2. Gold and lab-grown diamond40 %

Source: Inc42, November 3, 2026, company-stated

Funding history, and who is missing

GIVA raised a ₹530 crore Series C in June 2025 led by Creaegis, per Inc42, and Entrackr adds a ₹110 crore extension in February 2026 led by HPV CC1 Ltd. Entrackr counts more than $258 million raised in total; Inc42 counted about $164 million before this round. Neither outlet reconciles the gap.

Two other healthcare and consumer rounds on the site show how Indian rounds are reported when a filing arrives: see Clinics on Cloud's ₹120 crore Series A and the earnings coverage in MobiKwik's Q2 FY27 result.

Agarwal says GIVA will be ready to list in two to three years and that an actual listing is at least three years away. The next observable event is a Registrar of Companies filing that gives the allotment, the price per share and therefore the real post-money.