New Delhi, May 26 -- Homegrown private equity firm Multiples Alternate Asset Management has emerged as one of the frontrunners to pick up a stake in a local jewellery brand that is backed by numerous institutional investors, two people aware of the development told VCCircle.

Renuka Ramnath-led Multiples PE is said to be in an advanced stage of discussions to pick up a stake in gold and silver jewellery retailer Giva, one of the people said.

The deal size is estimated to be around $100 million (around Rs 954 crore), the person added.

The company is seeking a valuation of between Rs 5,000 crore and Rs 6,000 crore (around $524-629 million) in the upcoming transaction, the second person said.

He added that the deal is likely to pave the way for the exit of some early backers. However, he didn't reveal the identity of the selling investors.

Email queries sent to Giva and Multiples PE remained unanswered till the time of publishing this news article.

Beginnings and fundraises

Giva, operated by IndieJewels Fashion Pvt Ltd, was launched in 2019 by Ishendra Agarwal and Nikita Prasad. It entered the market with a focus on organised, design-led silver jewellery and gradually expanded across gold and lab-grown diamond offerings. In 2022, Giva opened its first exclusive offline store in Bengaluru. Currently, it operates more than 300 stores across India and Sri Lanka.

The company generated net sales of Rs 518 crore in FY25 as against Rs 273 crore the year before. Its net loss widened to Rs 72.3 crore from Rs 58.6 crore during the period under review, as per VCCEdge.

Giva said Monday it onboarded actor Kriti Sanon as its brand ambassador and strategic investor. It didn't disclose the details of the transaction.

Last year, the company raised Rs 530 crore in a Series C funding round led by growth-stage private equity investor Creaegis. Existing investors Premjilnvest, Epiq Capital, and Edelweiss Discovery Fund also invested in that round. The company also raised Rs 50 crore in debt from venture debt firm Alteria Capital and non-banking finance company Northern Arc earlier in 2025.

In October 2024, Giva secured Rs 255 crore investment in an extended Series B round led by PremjiInvest. The round lifted the jewellery brand's valuation to around Rs 2,400 crore.

Published by HT Digital Content Services with permission from VC Circle.