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Creaegis may fund Giva at $470-500 million valuation

InternetInternet · 6m ago
Creaegis may fund Giva at $470-500 million valuation
Medial

Giva, a silver jewellery and lab-grown diamonds specialist, is in discussions with private equity firm Creaegis to raise $80-100 million at a valuation of $470-500 million. This proposed valuation is over two times higher than the last funding round's valuation from two months ago. Giva, co-founded by Ishendra Agarwal, plans significant retail expansion and emphasizes value-driven jewellery offerings. The Indian jewellery market is projected to grow significantly, driven by changing consumer preferences. Giva, which specialises in silver jewellery and recently entered lab-grown diamonds, is in talks with private equity fund Creaegis to raise $80-100 million at a valuation of $470-500 million, people in the know said.The proposed post-money valuation is more than two times that after the last funding round just two months ago, underlining the high investor interest in new-age jewellery businesses. Accel-backed jewellery retailer Bluestone is preparing for an initial public offering and has filed its draft application papers for the issue with the market regulator. The company is looking to value itself more than Rs 12,000 crore for the IPO, a 50% premium to the valuation when it last raised funds in the private market, ET first reported on December 13. Giva currently has an annual revenue run-rate of Rs 700 crore. It posted nearly Rs 280 crore in revenue with a close to Rs 59 crore loss in fiscal 2024. In 2024, both Giva and Bluestone scooped up substantial funds in the past year as investors turned bullish towards omnichannel jewellery businesses, especially following the Tata Group’s complete acquisition of Caratlane. “Creaegis is in talks to lead the round while others may also join but this is symbolic of the overall confidence investors have in the sector now. While Bluestone is aiming for a significant premium to the listing, this (Giva’s valuation) is relatively lower on the multiples,” a person aware of the matter said.

Shraddha Kapoor-backed Palmonas to raise Rs 55 Cr led by Vertex Ventures

EntrackrEntrackr · 1m ago
Shraddha Kapoor-backed Palmonas to raise Rs 55 Cr led by Vertex Ventures
Medial

Shark Tank-famed direct-to-customer (D2C) jewellery startup Palmonas is all set to raise its maiden institutional round. This will be the second funding for the Pune-based company in 2025. "Vertex Ventures is leading Rs 55 crore in Series A round at a post-money valuation of Rs 550 crore ($65 million)," said one of the sources requesting anonymity as discussions are yet to be public. Founded in 2022 by Amol Patwari and Pallavi Mohadikar, Palmonas specialises in demi-fine jewellery such as necklaces, rings, bracelets, earrings, and mangalsutras made from stainless steel with 18k gold vermeil coating. In February this year, Palmonas raised Rs 1.26 crore on Shark Tank India Season 4 from investors Namita Thapar and Ritesh Agarwal, valuing the company at Rs 126 crore post-money. Prior to this, the brand had secured Rs 6 crore in an angel funding round. In March 2024, it roped in Bollywood actress Shraddha Kapoor as its co-founder. Sources indicate that the deal terms have been finalised, and the company is likely to announce the transaction soon. Queries sent to Palmonas and Vertex Ventures did not receive a response by the time of publication of this story. For the fiscal year ending in March 2024, Palmonas reported Rs 5.38 crore in operating revenue against Rs 3.83 crore in FY23. Its losses stood at Rs 1.24 in FY24. It has yet to file its annual report for FY25. Vertex Ventures closed its fifth fund at $541 million in 2023, targeting investments from pre-Series A to Series B. Its recent bets include SpotDraft (lifecycle management), Spyne (AI-based photography and editing), and D2C electronics brand Nuuk.

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