Giva’s revenue spikes 66% to Rs 274 Cr revenue in FY24

Jewelry startup Giva raised $30 million in an extended Series B round in October following its strong financial performance in FY24. Backed by Premji Invest, the firm closed the fiscal with a 66% growth in operating revenue and a 30% year-over-year increase in losses.

Giva’s revenue from operations grew to Rs 274 crore in the fiscal year ending March 2024 from Rs 165 crore in FY23, its annual consolidated financial statements sourced from the Registrar of Companies show.

Giva is an omnichannel jewelry brand which was started as an affordable jewelry brand, but has expanded into gold jewelry and lab-grown diamonds. The company operates around 150 physical stores nationwide and has introduced a franchise-led model for broader reach. The sale of jewelry and related products was its primary source of revenue in FY24.

Cost of procurement of metals and diamonds was the largest cost center forming 34% of its overall cost. To the tune of scale, this cost increased 53.3% to Rs 115 crore in FY24 from Rs 75 crore in FY23.

Giva spent Rs 87 crore on branding and marketing while its employee benefits surged 2.38X to Rs 50 crore in FY24. Shipping, commissions, rent, and legal were some other major overheads that took the firm’s overall cost up by 59.4% to Rs 338 crore in FY24.

See TheKredible for the detailed expense split.

On the back of employee benefits and high customer acquisition and rental cost, Giva’s losses grew 31% to Rs 59 crore in FY24. Its ROCE and EBITDA margin improved to -24.4% and -17.1%, respectively. On a unit level, the company spent Rs 1.23 to earn a rupee in FY24.

The Premji Invest-backed firm’s cash and bank balances recorded at Rs 83 crore with the total current assets tallied at Rs 244 crore in FY24. According to the startup data intelligence platform TheKredible, the Bengaluru-based company has raised over Rs 690 crore across rounds.

The Ishendra Agarawal-led company competes with several notable players, including Melorra, Bluestone, CaratLane, and a range of other funded and family-led physical and omnichannel brands.

While the market remains attractive, there is no doubt that headwinds in the past year will impact FY25 numbers for most. From the sudden reduction in gold import duties, to the spike in overall gold prices, or the tumultuous times in the diamond market thanks to the oversupply of lab grown diamonds, it has been a perfect storm of events for the sector.  These are events that will trip up growth for many, and for GIVA, a strong show here with growth and a further drop in losses will go a long way to establish credentials as a player to watch.