GIVA raises Rs 975 crore led by Multiples, plans 160 new stores

GIVA, a Bengaluru-based jewellery brand, has raised about Rs 975 crore, or roughly $103 million, in a funding round led by Multiples Alternate Asset Management, according to reports on Tuesday, 3 November 2026. Existing investors Epiq Capital and Edelweiss Discovery Fund also took part. The company plans to use the money to open more physical stores, build up manufacturing and widen its range of products, and it aims to add 160 stores in the 2026-27 financial year.

GIVA is one of several Indian consumer brands now spending heavily on physical stores. Jewellery is a category where many buyers want to see and try a piece before paying, which is why stores are central to its plan. Raising close to Rs 1,000 crore to open 160 stores in a single year shows how much capital this shift requires, and how much investors are willing to back it.

The round's structure also tells a story. A primary investment adds money to the company for growth. A secondary component lets earlier investors or employees sell part of their holdings, giving them a return before any stock market listing. The reported employee stock option buyback means some staff can turn their options into cash, which helps a start-up keep and reward its people.

The money will also go into manufacturing. Making more of its own products can give a jewellery brand more control over design, quality and costs, though it also adds risk if demand slows. For the wider market, the deal shows that large investors are still willing to back the expansion of organised jewellery brands.

For founders, the takeaway is that consumer brands with a clear route from online sales to stores can still raise large rounds, provided they show a plan for using the money, here, a specific store target for the year.

Peepals calculation: Rs 975 crore against $103 million implies an exchange rate of about Rs 94.7 to the dollar (975 crore ÷ 103 million). If the whole round were spent only on the 160 planned stores, which it will not be, that would be about Rs 6.1 crore per store (975 ÷ 160 ≈ 6.09); the real figure per store will be lower because the money also goes to manufacturing, products and secondary sales. The reported option buyback of Rs 20 crore to Rs 25 crore is about 2% to 2.6% of the round. Our calculation from the reported figures.

Short-term: GIVA will step up store openings across cities and invest in manufacturing, and Multiples joins its board.

Long-term: If the store plan succeeds, GIVA could become one of the larger organised jewellery chains in the country, adding pressure on both traditional jewellers and rival brands.

Who is affected: Jewellery buyers, especially younger shoppers; GIVA's employees, some of whom can sell stock options; rival jewellery brands; and investors watching consumer start-ups.

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