Bengaluru-based direct-to-consumer (D2C) start-up Giva has raised Rs 40 crore in a debt funding round led by venture debt capital Alteria Capital.
The company will utilise the money to strengthen its inventory management. Additionally, the firm wants to expand its offline presence across the country.
Prior to this, Giva bagged an undisclosed amount in its Series B round last year. It also secured $10 million in its Series A round led by VC funds Sixth Sense Ventures and A91 Partners.
Backed by investors like A91, Aditya Birla Ventures, Anicut and India Quotient, the company has raised $17.5 million since its inception.
Founded by Ishemdra Agarwal, Nikita Prasa and Sachin Shetty, Giva is known for providing budget-friendly jewelry options to consumers. It also claims to have an omnichannel presence with more than 50 offline touchpoints.
The company is eying to achieve Rs 350 crore in revenue.
Talking about the latest development, Ishendra Agarwal, the chief executive officer (CEO) of the company, said, “(Alteria’s) strong understanding of the new age consumer brands makes them a natural partner in our journey."
“We plan to deploy the raised capital in driving channel expansion and further expanding our range of exquisitely crafted jewelry products,” he added.
Addressing the investment, Ankit Agarwal, the managing partner of Alteria Capital, added, “We believe Giva is well poised to play a pivotal role in bringing fine jewellery to the masses in India and has been able to make great inroads in both offline and online channels across the country."