TPG, Sofina, Multiples vie for $80-100M stake in Giva at ₹6,000 crore valuation
Jewellery brand Giva is in advanced talks with PE funds TPG, Sofina and Multiples for an $80-100 million stake at a ~₹6,000 crore valuation, up from ₹4,800 crore. Funds will back store expansion, inventory and lab-grown diamond growth. FY25 revenue rose 89% to ₹518 crore against a ₹72 crore loss.
What happened
GIVA · PE funds TPG, Sofina and Multiples are in advanced talks for an $80-100 million stake in jewellery brand Giva, valuing it at ~₹6,000 crore, funding store
Key facts
- $80-100 million stake
- ₹6,000 crore valuation
- ₹530 crore Series C
- ₹4,800 crore prior valuation
- FY25 revenue ₹518 crore up 89%
- FY25 loss ₹72 crore
- 240+ stores
- 150 new stores planned
- lab-grown diamond market $300-350 million in 2024
- 15% CAGR
Why this matters
TPG, Sofina and Multiples competing for an $80-100M stake confirms Giva as a scaled consolidation anchor in branded jewellery—track lab-grown diamond capabilities and store footprint as differentiators for partnership or acquisition angles.
What to watch
- Definitive term sheet / final investor announcement
- Reported valuation vs the ₹6,000cr ask
- FY26 loss trajectory and contribution margin per store
- Lab-grown diamond price deflation impacting revenue mix
- BlueStone IPO comps setting sector multiple benchmark
- Giva accelerates offline store openings using fresh capital to justify valuation
- Push into lab-grown diamonds as gross-margin and differentiation lever
- Rivals (CaratLane, BlueStone, Melorra) counter with pricing and expansion
- Winning PE installs governance, targets path-to-profitability by FY27
- Marketing spend spike to defend loss-narrowing narrative