The organized jewellery market in India is going through dramatic changes, with new-age omnichannel establishments gaining momentum by working on strategic financing. The move in such a competitive lineup is the ruling Bengaluru-based jewellery brand Giva, which is set to raise ₹270 crore (approximately $28 million) through a wide-ranging and multi-phase debt financing round. The infusion of capital is led by BlackSoil Capital, reflecting the changing tide of thought among specialised financial institutions that are increasingly providing large loans to fast-growing consumer brands.

Financial structure and capital deployment

Giva is raising this debt through a series of separate debenture offerings blending several of the more prominent financial institutional investors. BlackSoil Capital, the lead investor, will invest a significant part of ₹90 crore into the round. 

In addition to the lead backer, InCred Credit Fund would be investing ₹70 crore, followed by another tranche of ₹70 crore by Stride Ventures. Nuvama Crossover Yield Opportunities Fund is contributing the remaining ₹40 crore of the total ₹270 crore debt pool.

The interest rate for the underlying Trance of this multi-tranche debenture structure is fixed at 13.4% per annum. The jewelry company will service and pay this interest obligation on a strict monthly basis per the filings. This debt-dealing and rescheduling structure reveals a well-structured way in which the debt service requirements for the startup are managed in relation to its ongoing business growth.

The proceeds of the planned debt issue will be used strategically in three key growth and business drivers that will guarantee the sustainability of the operation and penetration into the market. Giva plans to use the cash to cover its daily working capital needs, essential to keeping its extensive retail network in stock. 

Capital expenditure funds for opening and establishing new physical stores throughout the country will also be part of the debt capital raised. The balance of the capital raised during the round will be applied to general corporate activity for the normal running of the company.

Giva was originally established as a decently priced silver jewelry line in 2019 by Ishendra Agarwal. The startup has gone far since the early days, growing its product range from fine gold jewellery to the fast-growing lab-grown diamonds section. The business model is much stronger than the standard structure of the franchise, with a solid strategy to expand the company’s physical presence throughout the country. 

The omnichannel retailer has around 210 physical brick-and-mortar stores in 25 cities in India, in addition to its direct-to-consumer website and mobile app. In an interview last year, the brand’s management had said that they would be running a vast network of over 300 active Giva outlets by the end of fiscal 2026.

Upcoming debt round and market performance

With the upcoming round of debt financing, Giva now has a funding profile spanning well over $158 million. This includes a recent series C extension funding round in February this year, in which it raised ₹110 crore (approximately $12 million) from an investment by bp investor HPV CC1 Limited. Analysts say this newly proposed debt capital could be included in a significantly larger model of equity and debt financing that would help the company continue its capital-intensive growth.

Giva’s revenue growth from a financial health perspective has been extraordinary. While the firm is not yet ready to officially release 2026 financials, its performance during Fiscal 2025 (ended in March) showed promising growth metrics. 

Giva’s operating revenues increased significantly from ₹346 crore to ₹518 crore, growing at a rapid rate year-on-year. In the same fiscal year, the company managed to keep the losses contained modestly, with the net losses rising at a narrow rate of 22% year-on-year to reach ₹72 crore.

Conclusion

The expected infusion of ₹270 crore (approximately $28 million) debt gives Giva an equitable dominance against its fierce competitors in the modern jewellery space in India. The startup actively contends with large, well-established, organized jewellery companies like BlueStone, CaratLane, Melorra, Candere, and Tanishq.

Concurrently, it is competing with a surge of emerging new-age brands, such as Palmonas, Jewelbox, Limelight Lab Grown Diamonds, Fiona Diamonds, and Firefly Diamonds. Giva is also obtaining the financial muscle it needs to extend its retail network to 300 locations, deal with the high capital requirement for gold and diamond supply, and cement its position as one of the finest omnichannel jewellery brands.