TPG, Sofina, Multiples chase $80-100M stake in Giva at ₹6,000 crore valuation
PE funds are in advanced talks to back the Bengaluru jewellery brand, marking a ~25% valuation jump from its ₹4,800 crore Series C. Capital targets store expansion—150 new outlets on top of 240+—and lab-grown diamond growth. FY25 revenue rose 89% to ₹518 crore, though losses widened to ₹72 crore.
What happened
GIVA · PE funds TPG, Sofina and Multiples are in advanced talks to acquire an $80-100 million stake in jewellery brand Giva, valuing it at ~₹6,000 crore, to
Key facts
- $80-100 million stake
- ₹6,000 crore valuation
- ₹530 crore Series C
- ₹4,800 crore prior valuation
- FY25 revenue ₹518 crore (+89%)
- FY25 loss ₹72 crore
- 240+ stores
- 150 new stores planned
Why this matters
TPG, Sofina, and Multiples competing for an $80-100M stake at a premium valuation confirms deepening PE appetite for branded Indian jewellery, raising the strategic urgency to evaluate partnerships or positioning in the lab-grown diamond segment.
What to watch
- Term sheet confirmation and final valuation vs ₹6,000cr
- FY26 same-store sales and loss-narrowing trajectory
- Gold price and lab-grown diamond ASP trends
- Bluestone/CaratLane funding or IPO signals
- Store count additions vs 150 target pace
- Giva accelerates store leasing and hiring ahead of close to justify capex-heavy expansion
- Push lab-grown diamond SKUs and higher-margin gold to narrow loss trajectory
- Competitors (CaratLane, Bluestone, Melorra) tighten pricing and raise counter-capital
- PE funds structure milestone-linked tranches and profitability covenants