Private equity firm Multiples has signed an exclusive agreement to acquire a $80-100 million stake in jewellery startup Giva, according to reports from Mint. The deal is likely to value the company at approximately ₹6,000 crore and will be structured as a mix of primary and secondary transactions. The transaction is expected to close in the coming weeks, with the primary capital earmarked for opening new stores, expanding inventory lines, and strengthening manufacturing capabilities, including in the lab-grown diamond segment.
As reported by Mint, the capital raise is aimed at funding the next leg of growth with some early backers like A91 Partners and Sixth Sense likely to take part or full exits in the process. This follows Giva's latest fundraise of ₹530 crore in a Series C funding round led by growth-stage investment firm Creagis in June. Existing investors Premji Invest, Epiq Capital and Edelweiss Discovery Fund also participated in that round, which valued the company at about ₹4,800 crore.
According to Redseer data reported by Mint, India's lab-grown diamond segment was valued at $300-350 million in 2024 and is expected to grow at a 15% compound annual growth rate over the next decade. The segment has gained significant traction over the past five years, led by millennials and Gen Z consumers, driven by stronger value propositions, trendier designs from new-age brands, and growing comfort with lab-grown diamonds as certified, high-quality products. The category has expanded beyond occasional fashion purchases into gifting, everyday wear and increasingly bridal jewellery, reflecting sustained consumer confidence.
Founded in 2019 by Ishendra Agarwal and Nikita Prasad, Bengaluru-based Giva started by selling 925 sterling silver jewellery before expanding into 14K and 18K gold as well as lab-grown diamond jewellery. According to Mint, it currently has over 240 physical stores across India and plans to open up to 150 additional outlets this year, with a strong focus on tier-II cities where it has seen robust demand. The company competes with Bluestone, CaratLane and Melorra in India's fast-growing organised jewellery market.
