Giva Secures Large Debt Round from BlackSoil and Partners
Omnichannel silver and fine jewelry brand Giva has raised ₹270 crore ($28 million) in a multi-tranche debt funding round. The financing round was led by BlackSoil Capital, with active participation from InCred Credit Fund, Stride Ventures, and Nuvama Crossover Yield Opportunities Fund. The debt capital has been secured at a fixed interest rate of 13.4% per annum, payable on a monthly basis, reflecting the premium cost of capital in the current market environment.
Giva plans to deploy the proceeds to fund its aggressive offline store expansion and meet working capital demands. The Bengaluru-based startup is targeting a footprint of over 300 physical retail outlets by the end of the current fiscal year. Despite the high interest rate on the debt, the company is prioritizing rapid expansion to establish market dominance in the branded silver jewelry space, competing with established legacy players.
Balancing Rapid Growth with Financial Pressures
The debt raise comes as Giva continues to navigate operational losses alongside high top-line growth. For the fiscal year ending March 2025 (FY25), the company reported an 89% year-on-year surge in operating revenue to ₹518 crore. However, net losses widened by 22% to ₹72 crore due to heavy marketing and store launch costs. Additionally, the company’s Return on Capital Employed (ROCE) stood at -21.52%, highlighting the ongoing pressure to achieve cash-flow profitability before the debt repayment obligations peak.
