Bengaluru-based D2C jewellery brand GIVA has raised ₹975 Cr (about $103 Mn) in a funding round led by Multiples Alternate Asset Management, with participation from existing investors Epiq Capital and Edelweiss Discovery Fund, as it looks to accelerate its offline expansion, strengthen manufacturing capabilities, and widen its product portfolio.

The transaction comprised a mix of primary and secondary capital, alongside an ESOP buyback, GIVA cofounder and CEO Ishendra Agarwal told Inc42.

Early investors India Quotient and Sixth Sense Ventures will partially exit through the transaction while retaining stakes, Agarwal said. Multiples will also secure a board seat.

GIVA’s seventh ESOP buyback, worth approximately ₹20-25 Cr, will benefit around 50-60 employees.

The latest valuation was not disclosed. Agarwal said it was higher than the approximately ₹4,500-4,600 Cr (about $422 Mn to $474 Mn) valuation of its previous publicly announced funding round.

GIVA reported revenue of ₹865 Cr in FY26 as against ₹505 Cr in FY25, according to Agarwal. Its negative EBITDA margin narrowed to single digits from double digits over the same period.

Agarwal attributed the improvement to its maturing store network. Stores operating for more than a year are profitable, he said, with rising same-store sales helping absorb rent and employee costs. GIVA expects to become profitable on a profit after tax (PAT) basis in FY28.

GIVA operates around 425 stores across India and plans to add 160 outlets in FY27, with a greater focus on Tier II and III markets. About 70% of its stores are in metros, with the remainder in smaller cities.

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