Silver jewellery startup GIVA has raised $10 million (around Rs 74 crore) from investors including Sixth Sense Ventures, to grow its business through offline and online mode.
The company, in its Series A funding round, raised $10 million, led by D2C-focused venture capital funds Sixth Sense Ventures, A91 Partners and other marquee investors like India Quotient, Grand Anicut Angel Fund, and Founder's Bank Capital.
''Providing a major fillip to its expansion strategy, these funds will help GIVA proliferate both online and offline channels with its range of modern silver jewellery that are crafted with quality for everyday use,'' a company statement said.
The startup will also use some fund to expand its international presence.
While most of the capital raised will be pumped into driving product development, GIVA plans to venture into new product categories to appeal to a wider set of audiences.
GIVA also offers a range of designs in metals like 18K gold, Rose Gold, and oxidized silver with embellishments of zircon, pearl, marcasite, and other coloured stones.
Founded in 2019, GIVA will expand its digital presence through a dedicated mobile application and drive offline business through partnerships with leading retailers.
Ishendra Agarwal, Founder-GIVA said,“This funding round is a testament to the inroads made by GIVA in the short span of time and reflects the immense growth potential available, driven by a tectonic shift in consumption patterns of Indian consumers favouring silver jewellery.''
The Bengaluru-based company has set a target of achieving a revenue of Rs 200 crore in 2021-22, the statement said.
(With inputs from PTI)