GIVA, an Indian online silver jewellery startup, has raised USD 10 million in a Series A funding round led by D2C focused venture capital funds Sixth Sense Ventures, A91 Partners and others on 20 January 2022.
Investors: The latest funding round drew participation from D2C focused venture capital funds Sixth Sense Ventures, A91 Partners and other marquee investors like Grand Anicut Angel Fund, India Quotient, and Founder’s Bank Capital.
The Objectives behind the funding: The company plans to deploy the current proceeds to proliferate both online and offline channels with its wide range of modern silver jewellery that are crafted with quality for everyday use. In addition, the company will also use the funds to enhance its international presence as well.
Founded in 2019 by Nikita Prasad, Ishendra Agarwal, Raghvendra Agarwal and Sachin Shetty, GIVA is an online silver jewellery store aiming to provide authentic, elegant, and affordable jewellery. The startup offers handcrafted bracelets, earrings, necklaces, jewellery sets. The products are coated with rhodium that protects them from tarnishing, enabling users to get a gift option for their dear ones. GIVA provides an authenticity certificate with all its products to validate the purity of precious jewels. The company plans to venture into new product categories to appeal to a broader set of audiences. GIVA also aims to expand its digital presence through a dedicated mobile application to strengthen customer convenience further and drive offline business through partnerships with leading retailers. The company offers features such as Doorstep delivery, fast and secure checkout, 30-day no questions asked returns, and several payment methods, including cash on delivery.
What the Founder has to say:
Ishendra Agarwal, Founder, GIVA, said, “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 Rs 200 crore for FY 2022.”
What the Investor has to say:
Nikhil Vora, Founder and CEO, Sixth Sense Ventures, added, “We believe GIVA has been able to crack the right mix of the 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!”
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