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

EntrackrEntrackr ยท 24d 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 Entrackrโ€™s estimates, the companyโ€™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 brandโ€™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 ยท 5m 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 Groupโ€™s complete acquisition of Caratlane. โ€œCreaegis 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 (Givaโ€™s valuation) is relatively lower on the multiples,โ€ a person aware of the matter said.

Exclusive: Onsurity raises over $26 Mn in new round led by Creaegis

EntrackrEntrackr ยท 9m ago
Exclusive: Onsurity raises over $26 Mn in new round led by Creaegis
Medial

Employee healthcare platform Onsurity has raised Rs 219 crore or $26.4 million in a new round led by Creaegis, with the participation of existing investors Nexus Venture Partners and Quona Capital. The board at Onsurity has passed a special resolution to issue 10 equity and 6,302 series B1 CCPs at an issue price of Rs 3,48,089 each to raise Rs 219 crore or $26.4 million, its regulatory filing accessed for the Registrar of Companies (RoC) shows. Creaegis spearheaded the round with Rs 176.4 crore while existing investors Nexus Ventures and Quona Capital injected Rs 31.4 crore and Rs 11.9 crore, respectively. The company will use proceeds for growth, expansion, working capital requirements and general corporate purposes, as decided by the board. According to the startup data intelligence platform TheKredible, OnSurity has been valued at around Rs 1,032 crore or $124 million post-allotment. Following the fresh proceeds, Creaegis will hold 17.10% of the company while Nexus and Quona will command 28.22% and 12.82%, respectively. Founded in 2020 by Yogesh Agarwal and Kulin Shah, Onsurity offers subscription-based services that its customers can purchase and offer it to their full-time employees, contractors, interns and consultants. The company, through its subsidiary, offers business products including cyber insurance, D&O liability insurance, and commercial general liability insurance, among others. Onsurity has raised over $66 million to date including $24 million Series B round in October last year, and $16 million Series A in August 2021. Creaegis, the lead investor, recently closed its inaugural fund of about $426 million to support Indian startups. Its investment portfolio includes companies like Third Wave Coffee, Doceree, Medikabazaar, Zopper, and Kale Logistics.

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