Deal Overview
Giva, an Indian omnichannel jewelry startup, is set to raise $28 million (Rs 270 crore) through a multi-tranche debt round. This financing signals a robust capital strategy as the company continues to scale its physical presence across the country.
Deal Terms & Investors
The debt round is led by BlackSoil Capital, with participation from InCred Credit Fund, Stride Ventures, and Nuvama Crossover Yield Opportunities Fund. Key terms include:
- Total Amount: $28 million (Rs 270 crore)
- Interest Rate: 13.4% per annum (fixed, paid monthly)
- Use of Funds: Working capital, capital expenditure for store rollouts, and general corporate purposes.
Market Context & Growth
Founded in 2019, Giva has evolved from an affordable jewelry brand into a multi-category player featuring gold and lab-grown diamonds. The company currently operates over 210 physical outlets and maintains an aggressive growth target, aiming for more than 300 stores by the end of FY26. Its franchise-led model has been central to this rapid geographic footprint expansion.
Financial Performance
Giva has demonstrated significant top-line momentum, reporting a revenue of Rs 518 crore for FY25, representing an 89% year-on-year increase. Despite operating losses of Rs 72 crore, the company has managed to contain loss growth to 22%, showcasing improved operating leverage as it scales.
Founder Takeaway
For founders in the consumer retail space, Giva’s ability to tap into venture debt signifies that lenders are increasingly comfortable backing asset-heavy, omnichannel models that demonstrate consistent revenue growth and a clear path to scale, even while in a growth-phase loss position.