Premji Invest, the family office of former Wipro Ltd. Chairman Azim Premji, has led a Rs 200-crore funding round in silver jewellery brand Giva.
Existing investors Aditya Birla Ventures, Alteria Capital and A91 Partners also participated in the Series B growth funding. Giva will use the funds to expand its omnichannel presence with more offline stores, according to a release on Wednesday.
"Silver jewellery is a $4-billion opportunity in India with the organised market share at less than 7%," Varun Khandelwal, principal–investments, Premji Invest, said. "GIVA has emerged as a category leader with its focus on fine silver jewellery, design offerings and customer-centricity."
The Bengaluru-based startup, founded in 2019, has over 50 stores across top cities and plans to expand its presence across India over the next five years.
"We are delighted to have Premji Invest, one of the largest and well respected private equity funds, as a long-term partner," Giva Chief Executive Officer Ishendra Agarwal said. "We look forward to leveraging Premji Invest's playbook on omnichannel across several consumer brands and retail businesses."
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
