New Delhi, Oct 14 (PTI) Jewelry retailer GIVA on Monday said it has raised Rs 255 crore in a funding round, as it looks to expand its offline presence and strengthen its lab-grown diamond offering.

The extended Series B funding round was led by Premji Invest, Epiq Capital and Edelweiss Discover Fund, with participation from GIVA senior management.

GIVA plans to use the funds for its expansion across India and to enable the exit of strategic investors, the company said in a statement.

The round facilitated partial exits for early investors A91 Partners and India Quotient.

“We remain committed to maintaining our position as the number one silver jewelry market, while further strengthening our lab-grown diamond segment,” said Ishendra Agarwal, founder and CEO of GIVA.

The company also aims to expand its gold offering and consolidate its presence in the market, Agarwal added.

GIVA did not disclose the new valuation or the amount of stakes sold by existing investors.