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In a groundbreaking move, early-stage venture capital firm First Cheque has made a partial exit from the direct-to-consumer (D2C) jewelry brand, GIVA Jewellery, raking in an astounding return of 75X. This impressive financial achievement was confirmed by Prateek Agarwal, Investment Lead at First Cheque. The Bengaluru-based micro VC firm, known for its investments in 125 startups, including notable names like Fashinza, WintWealth, Bellatrix Aerospace, and Leap Club, initially invested an undisclosed sum in Giva back in 2019. This made them one of the earliest institutional supporters of the jewelry brand.
The exit from Giva has not only yielded an impressive 75X return on the initial investment but also boasts an impressive Internal Rate of Return (IRR) of 194%. Agarwal, however, did not disclose specific figures regarding the principal or return on investment. While the exact stake First Cheque holds in Giva remains undisclosed, Agarwal expressed confidence that their remaining stake in the company could potentially return 1X of the fund.
Titan has acquired a 27.18% stake in CaratLane for Rs 4,621 crore, marking a significant founder exit since Flipkart's Sachin and Binny Bansal left. This move signals a promising outlook for the new-age jewelry market, driven by increased discretionary spending and a modern perspective on jewelry. Giva faces competition from CaratLane, Bluestone, and Melorra.
First Cheque has exited Giva, part of its Rs 200 crore Series B fundraising round led by Premji Invest. The round included existing investors Aditya Birla Ventures, Alteria Capital, and A91 Partners. Giva, a Bengaluru-based jewelry firm, specializes in silver jewelry curated by global designers. The company plans to expand its omnichannel approach and increase consumer spending through enhancing its distribution network.
Giva, a jewelry startup, raised over $50 million in funding and generated Rs 100 crore in FY22. First Cheque, a startup firm, has invested in over 30 startups since its inception four years ago. The firm has invested in over 30 startups across sectors, including B2B marketplaces, consumer internet, fintech, and SaaS. CapGrid, one of its portfolio companies, closed a $7 million round led by Nexus Venture Partners. First Cheque plans to invest in 18-20 companies in the next 8-9 months.
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