Bengaluru-based silver jewellery startup GIVA has raised its Series A funding round of $10 million led by D2C focused venture capital funds Sixth Sense Ventures, A91 Partners and other marquee investors like India Quotient, Grand Anicut Angel Fund, and Founder’s Bank Capital.
Providing a major fillip to its expansion strategy, GIVA said these funds will help it to proliferate both online and offline channels with its range of modern silver jewellery that are crafted with quality for everyday use. The company will also use a portion of the funds raised for enhancing its international presence as well.
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.”
While most of the capital raised will be pumped into driving product development, GIVA has laid out plans to venture into new product categories to appeal to a wider set of audiences. Founded in 2019 with a vision of making a mark in the silver jewellery market, GIVA will also expand its digital presence through a dedicated mobile application to enhance customer convenience further and drive offline business through partnerships with leading retailers.
Nikhil Vora, Founder and CEO, Sixth Sense Ventures added,
“We believe GIVA has been able to crack the right mix of 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!”
Separately, Sixth Sense Ventures also participated in a $6.7 million Series A funding round of another Bengaluru’s natural pet treats brand, Dogsee Chew, with Mankind Pharma.
