Giva, a jewellery startup, saw a 66% surge in operating revenue to INR 274 crore, despite a 30% year-over-year (YoY) increase in losses.
Giva secures $30 mn in Series B round
The company has secured $30 million in extended Series B funding in October, building on its impressive performance in FY24. The startup’s growth is attributed to its diversification into gold and lab-grown diamond offerings, expanding beyond its initial affordable jewellery brand. The omnichannel brand operates 150 stores across India, adopting a franchise-driven model for further expansion.
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Meanwhile, the company’s primary revenue source remains jewellery sales, with procurement costs accounting for 34% of overall expenditure. Giva allocated INR 87 crore to branding and marketing initiatives, while employee benefits expenses increased by 2.38 times to INR 50 crore.
Giva suffers losses to INR 59 cr
Despite higher customer acquisition costs and increased employee benefits, Giva’s losses expanded to INR 59 crore. However, the company’s Return on Capital Employed (ROCE) and EBITDA margin improved to -24.4% and -17.1%, respectively.
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Further, Giva reported INR 83 crore in cash and bank balances, with total current assets standing at INR 244 crore. The company has raised over INR 690 crore in funding across various rounds, backed by Premji Invest.
Led by Ishendra Agarwal, Giva faces competition from notable industry players like Melorra, Bluestone, and CaratLane. Despite sector challenges, including reduced gold import duties and rising gold prices, Giva aims to solidify its position in the jewellery market.
