TPG, Sofina, Multiples in race to pick up $80-100 million stake in Giva

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Private equity funds including TPG, Sofina and Multiples are in advanced stages of negotiations to acquire an $80-100 million stake in jewellery brand Giva, three people familiar with the matter said.

The deal is likely to value the company at about ₹6,000 crore, the people added.

"They are in the last lap of discussions in the race to acquire a stake in the company. It has been an intense bidding process as the demand for the asset was high," one of the people cited above said.

A second person added that the round will be a mix of primary and secondary capital.

"The capital raise is aimed at funding the next leg of growth for Giva and some early backers are also likely to take part or full exits in the company," a third person said, confirming the above details. All three people spoke on the condition of anonymity.

Giva's latest fundraise comes amid rapid growth in India's jewellery market, particularly the lab-grown diamond segment, which was valued at $300-350 million in 2024 and is expected to grow at a 15% compound annual growth rate over the next decade, according to Redseer.

TPG declined to comment, while Sofina, Multiples and Giva did not respond to Mint's requests for comment.

In April, Mint first reported the company's ongoing discussions with several private equity funds for the round, which could see existing investors including A91 Partners and Sixth Sense monetize their stakes.

The fresh funds are expected to be used to open new stores, expand inventory lines and strengthen manufacturing capabilities. Its lab-grown diamond segment has also seen strong growth in recent months.

The discussions come shortly after Giva raised ₹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 the round, which valued the company at about ₹4,800 crore, according to the people.

Founded in 2019 by Ishendra Agarwal and Nikita Prasad, Giva started by selling 925 sterling silver jewellery before expanding into 14K and 18K gold as well as lab-grown diamond jewellery.

In FY25, the company's operating revenue surged 89% to ₹518 crore, while its losses widened to ₹72 crore from ₹59 crore in FY24, according to a report by Entrackr.

The Bengaluru-based company has more than 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.

Giva competes with Bluestone, CaratLane and Melorra in India's fast-growing organised jewellery market.

As the market evolves, several prominent jewellery makers are expected to gradually pivot from exclusively natural or mined diamonds towards lab-grown alternatives, while high-end jewellers are increasingly incorporating lab-grown diamonds into select collections. This is expected to drive volumes while offering consumers a more affordable entry point.

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 also expanded beyond occasional fashion purchases into gifting, everyday wear and, increasingly, bridal jewellery, reflecting sustained consumer confidence and its emergence as a mainstream jewellery option.

Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.<br><br>Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like l...