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Lab-grown diamond brand Aukera raises $15 Mn led by Peak XV

EntrackrEntrackr · 17d ago
Lab-grown diamond brand Aukera raises $15 Mn led by Peak XV
Medial

Lab-grown diamond jewellery brand Aukera has secured $15 million in its Series B funding led by Peak XV Partners. Existing investors Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital have also participated in the round. Earlier in August last year, Aukera had raised Rs 26.7 crore (approximately $3.2 million) in its Series A financing led by Fireside Ventures. Entrackr had exclusively reported the development. The proceeds will help Aukera grow its retail presence, improve its products, and strengthen its position in India’s fine jewellery market. Founded two years ago by Lisa Mukhedkar and Kumar Saurabh, Aukera has 13 stores in cities such as Bengaluru, Delhi NCR, and Hyderabad. The brand plans to enter more cities and aims to become a Rs 1,000 crore brand in the next five to seven years. Aukera focuses on selling high-quality, lab-grown diamonds set in fine jewellery. It targets women who want better designs and bigger diamonds without the high costs of mined stones. The Bengaluru-based firm competes with a clutch of firms including Fiona Diamonds, Limelight Lab Grown Diamonds, True Diamond, COLUXE, and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line.

GIVA to raise $53 Mn led by Creaegis at $465 Mn valuation

EntrackrEntrackr · 1m ago
GIVA to raise $53 Mn led by Creaegis at $465 Mn valuation
Medial

GIVA to raise $53 Mn led by Creaegis at $465 Mn valuation Omnichannel jewelry startup Giva is set to raise Rs 450 crore or $53 million in its Series C round led by Creaegis with the participation from Premji Invest, Epiq Capital, and others. The board at Giva passed a resolution to issue 1,73,430 Series C CCPS at an issue price of Rs 25,947 each to raise the aforementioned amount, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Creaegis through the CIF II Scheme will lead the round with Rs 235 crore or $27.6 million, followed by Premji Invest, which will invest Rs 125 crore ($14.7 million). Epiq Capital and Edelweiss Discovery Fund will be injecting Rs 45 crore and Rs 35 crore, respectively, and the remaining Rs 10 crore will be invested by Usha Dalmia Trust. The company will use the proceeds to cover operational costs, including hiring, marketing, general corporate purposes, and other expenses as outlined in the business plan, as per the filing. Apart from equity capital, Giva also raised Rs 30 crore in debt from Alteria Capital, a separate filing shows. The company has also increased its ESOP pool by 15,853 equity shares worth Rs 41 crore, taking the total pool value to Rs 203 crore ($24 million). According to Entrackr’s estimates, the company’s valuation will stand at around Rs 3,950 crore ($465 million), marking a 2X increase from the previous funding round of Rs 255 crore. Founded in 2019, Giva originally launched as an affordable jewelry brand, has expanded into gold jewelry and lab-grown diamonds. Led by Ishendra Agarwal, the company now operates around 150 physical stores across India, alongside its website and app, and has adopted a franchise-led model to further expand its reach. According to startup data intelligence platform TheKredible, the Bengaluru-based company has raised over $85 million to date. Prior to this round, founder Ishendra Aggarwal held a 25.10% stake, while Premji Invest owned 17.13%, India Quotient 13.38%, and A91 Partners 9.58%. For the fiscal year ended March 2024, the jewelry brand’s operating revenue grew 66% to Rs 274 crore from Rs 165 crore in FY23. However, its losses grew over 30% to Rs 59 crore during the same period. Giva competes with several notable players, including Bluestone, which filed its DRHP for Rs 1,000 crore IPO, CaratLane, Melorra, and a range of other funded and family-led physical and omnichannel brands.

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.

Firefly Diamonds raises $3 Mn in seed round led by WestBridge Capital

EntrackrEntrackr · 3m ago
Firefly Diamonds raises $3 Mn in seed round led by WestBridge Capital
Medial

Firefly Diamonds raises $3 Mn in seed round led by WestBridge Capital Indian lab-grown diamond jewellery brand Firefly Diamonds has raised $3 million in its seed round led by WestBridge Capital. The proceeds will be used to accelerate the brand’s retail expansion, and its digital presence, and fuel R&D for new and distinctive jewellery collections. Co-founded by Adit and Aayush Bhansali, Firefly utilizes advanced technology to create lab-grown diamonds which offer the same physical, optical, and chemical characteristics as mined diamonds, but their production has a dramatically lower impact on the environment. It offers fine jewellery set in 14K and 18K gold. The brand has stores across 4 cities currently - Mumbai, Pune, Bengaluru, and Hyderabad with a plan to expand to over 20 locations within the following two years. In the lab-grown diamond space, Firefly Diamonds will compete with a clutch of firms including COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line.

Exclusive: Giva raises $12 Mn from Premji Invest in extended Series B

EntrackrEntrackr · 9m ago
Exclusive: Giva raises $12 Mn from Premji Invest in extended Series B
Medial

Omnichannel jewelry startup Giva has raised Rs 100 crore ($12 million approximately) in an extended Series B round from Premji Invest. With this, the company has marked its first fundraise in 2024. Giva’s board has passed a resolution to offer and issue 68,028 Series B1 compulsorily convertible preference shares (CCPS) at a price of Rs 14,700 per share to PI Opportunities Fund II (Premji Invest). This marks the third investment by Premji Invest in the Bengaluru-based Giva. The family office of Wipro founder Azim Premji had previously led a Rs 270 crore Series B round in Giva in July last year. According to TheKredible’s estimates, Giva has been valued at approximately Rs 2,000 crore. This appears to be part of an ongoing funding round, and with the infusion of additional capital, the company’s valuation is expected to adjust accordingly. Following the fresh capital, the company has raised over $60 million to date from the likes of Aditya Birla Venture, A91 Partners and others. Giva, which initially launched as an affordable jewelry brand, has since expanded its offerings to include gold jewelry and lab-grown diamonds. In addition to its website and app, the Ishendra Agarwal-led company now operates around 110 physical stores across the country. Giva’s revenue from operations saw a significant growth of 96.4%, reaching Rs 165 crore in FY23. However, the company’s expenditure doubled, rising to Rs 212 crore in FY23. This sharp increase in costs led to a 2.36X spike in its losses which widened to Rs 45 crore in FY23. The company has not disclosed its FY24 numbers officially. Of late, the omnichannel jewelry space has garnered significant investor attention. Lab-grown jewelry brand Aukera recently raised Rs 26.7 crore (approximately $3.2 million) in its Series A round, while Vermeil jewelry brand Trisu secured an undisclosed amount in pre-seed funding. Giva competes with several notable players: Melorra, Bluestone, CaratLane, and a range of other funded and family-led brands.

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