Silver jewellery brand GIVA has raised INR 270 Cr ($32.9 Mn) in a Series B funding led by Premji Invest.The round also saw participation from existing investors Aditya Birla Ventures, Alteria Capital and A91 Partners.

Out of total investment, INR 200 Cr was infused as primary funding. In addition, INR 70 Cr happened through secondary stake sale giving exit to some of the early investors.

With the fresh capital, the D2C jewellery brand wants to innovate further and expand its product categories and offerings. The capital infusion will also help to expand its omnichannel presence with more offline stores as it aims to consolidate its position as the go-to platform for minimalistic jewellery and affordable gifting options.

“Silver jewellery is a $4 Bn opportunity in India with the organised market share at less than 7%. Silver jewellery offers an attractive alternative to other fine jewellery options such as gold, platinum, etc. at an affordable price point for casual and everyday usage. GIVA has emerged as a category leader with its focus on fine silver jewellery, design offerings and customer-centricity,” Varun Khandelwal, principal-investments of Premji Invest, said.

Founded in 2019 by Ishendra Agarwal, Nikita Prasad and Sachin Shett, GIVA deals in authentic 925 fine silver jewellery and has recently forayed into 14K and 18k gold and lab-grown diamond jewellery. The brand has its own operated stores across the country as well as many SIS formats with Shoppers Stop and other chains.

GIVA launches over 250 new designs every month. Currently, the D2C jewellery brand has over 50 stores across the top cities in India and plans to expand its presence across India over the next five years. The Bengaluru-based startup has roped in Anushka Sharma as its brand ambassador recently.

“We look forward to leveraging Premji Invest’s playbook on omnichannel across several consumer brands and retail businesses to strengthen our leadership position and establish our pan India presence,” Ishendra Agarwal, founder and CEO of GIVA, said.

Earlier in March, GIVA raised INR 40 Cr ($4.8 Mn) debt funding from venture debt firm Alteria Capital.

The startup competes with the likes of D2C brands such as BlueStone, Melorra, and CaratLane.

India is currently home to over 50K digital-first startups which are operating in the D2C space. The country’s D2C segment is estimated to become a $300 Bn market by 2030, according to an Inc42 report.

The jewellery market in the D2C sector was estimated to be about $198 Bn in FY22, according to a Statista report. With a compound annual growth rate of 28% during FY22-FY27, the market is estimated to reach a size of $692 Bn by FY27.

The development comes at a time when the Indian startup ecosystem continues to reel under the funding winter. The funding raised by Indian startups declined 10% to $5.4 Bn in the first half of 2023 (H1 2023) from the second half of 2022 ecosystem, while funding deals also fell 25% to 462.