Multiples PE has signed an exclusive deal to buy an $80-100M stake in jewellery startup Giva, valuing it at ₹6,000 crore. The primary capital will fund new stores and lab-grown diamond expansion. The transaction is expected to close in the coming weeks.
Alpha Score of 53 reflects moderate overall profile with weak momentum, moderate value, moderate quality, moderate sentiment.
Private equity firm Multiples has signed an exclusive agreement to buy a stake worth $80 million to $100 million in jewellery startup Giva, two people familiar with the matter told Mint.
The deal values the company at roughly ₹6,000 crore, the people said. It will combine primary capital with secondary share sales. The primary portion will fund new store openings, inventory expansion, and manufacturing capacity, including in the lab-grown diamond segment. The transaction is expected to close in the coming weeks.
Giva did not respond to a request for comment. Multiples also did not comment.
The discussions follow a ₹530 crore Series C round in June led by growth firm Creagis, which valued Giva at about ₹4,800 crore. Existing investors Premji Invest, Epiq Capital, and Edelweiss Discovery Fund participated in that round. The latest deal would mark a roughly 25% valuation uplift in a few months.
Founders Ishendra Agarwal and Nikita Prasad started Giva in 2019, selling 925 sterling silver jewellery before adding 14K and 18K gold and lab-grown diamond pieces. The Bengaluru-based company now runs more than 240 physical stores across India and plans to open up to 150 more this year, with a focus on tier-II cities where demand has been strong.
India's lab-grown diamond market was valued at $300 million to $350 million in 2024 and is expected to grow at a 15% compound annual rate over the next decade, according to Redseer. The segment has attracted millennials and Gen Z buyers who see certified lab-grown diamonds as a more affordable entry point. The category has expanded beyond occasional fashion purchases into gifting, everyday wear, and increasingly bridal jewellery.
Giva competes with Bluestone, CaratLane, and Melorra in India's fast-growing organised jewellery market. The Mint report last month said TPG, Sofina, and Multiples were in advanced stages of negotiations to buy a stake. TPG, which had been in the running, carries an Alpha Score of 53 at AlphaScala, reflecting a mixed outlook. The exclusive agreement now goes to Multiples.
Some early backers, including A91 Partners and Sixth Sense, are likely to take partial or full exits in the secondary part of the deal, the people said. The primary capital will also help Giva strengthen its manufacturing capabilities, including lab-grown diamond production.
The deal arrives as several prominent jewellery makers are expected to pivot from natural diamonds toward lab-grown alternatives, while high-end jewellers are adding lab-grown diamonds to select collections. This shift is expected to drive volumes and offer consumers a cheaper entry point.
Mint reported last month that the capital raise was aimed at funding the next leg of growth. With the exclusive agreement now signed, the transaction is expected to close in the coming weeks.
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