Premji Invest-backed jewellery brand Giva reported a 65.8% year-on-year growth in operating revenue, reaching Rs 273.6 crore for the fiscal year ended March 2024.
However, the Bengaluru-based company’s net loss widened by 29.6% to Rs 58.6 crore, as per the financials of the company sourced from market intelligence platform Tofler.
Founded in 2019 as an affordable omnichannel brand focused on silver jewellery, Ishendra Agarwal-led Giva has expanded into lab grown diamonds and gold jewellery to cater to the evolving consumer fashion demands.
In FY24, cost of procurement of metals, which was Giva’s largest cost item, increased by over 53% to Rs 115 crore, accounting for 34% of its overall expenses, which totalled Rs 338 crore.
The employee benefit expenses more than doubled to Rs 49.6 crore in FY24, contributing to the rise in losses.
Giva offers products like bracelets, earrings, necklaces, rings, and chains through its mobile app, website, offline stores, and third-party platforms. The company has also expanded to quick commerce platforms, including Swiggy Instamart, Blinkit, and Zepto, to broaden its reach among urban consumers.
In October, it closed an extended series B funding round, raising Rs 255 crore led by Premji Invest, with participation from new investors Epiq Capital, Edelweiss Discover Fund, and the company’s top management.
In an earlier interaction with ET, Agarwal shared the plans of the company to open over 100 stores annually in cities like Mumbai, Hyderabad, Chennai, Ahmedabad, and Kolkata. Currently, over 50% of its current stores are located in Bengaluru and New Delhi.
Giva competes with jewellery players like Accel-backed Bluestone and Tata-owned Caratlane, Melorra, other traditional brands like Joyalukkas.
In FY24, IPO-bound Bluestone recorded a 64% increase in operating revenue while narrowing its full-year losses by about 15% to Rs 142.2 crore.
