Premji Invest-backed GIVA’s revenue grew from Rs 84Cr to Rs 145Cr in FY23

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In the fiscal year ending March 2023, GIVA, a direct-to-customer (D2C) jewellery brand, reported a substantial increase in revenue, reaching Rs 165 crore, up from Rs 84 crore in the previous year.

This 96.4% growth in revenue highlights the company’s expanding market presence. However, this period also saw the company’s losses more than double, escalating to Rs 45 crore from Rs 19 crore in FY22, Entrackr reported.

Expansion of product range

GIVA, which started four years ago, has diversified its product range to include certified silver jewellery, as well as 14K and 18K gold and lab-grown diamond jewellery.

The brand’s expansion is also evident in its physical presence, with over 50 stores across India. Notably, the sale of these jewellery products was the sole source of revenue for GIVA in FY23.

Rising costs and expenditure

The company’s expenditure saw a significant jump, primarily due to increased costs in procurement, employee benefits, and marketing. The cost of procurement alone rose to Rs 75 crore in FY23, a 114% increase from the previous year.

Employee benefits and other expenses, including legal, transportation, and marketing, also saw substantial increases, contributing to the overall expenditure doubling to Rs 212 crore in FY23.

GIVA’s offering

Founded in 2019 by Ishendra Agarwal, Nikita Prasad and Sachin Shetty, GIVA specializes in designer-curated silver jewellery.

The startup, which competes with other brands like CaratLane and Bluestone, claims to have a presence in over 50 stores in India and plans to expand its reach and distribution network to cater to a broader audience, leveraging the recent boost in consumer spending.

In September 2023, Early-stage venture capital firm First Cheque sold a part of its stake in the D2C jewellery startup GIVA Jewellery, with a 75x return in initial investment.