Aditya Birla Group-backed GIVA marked a significant achievement by crossing the INR 100 Crores threshold in operating revenue for the fiscal year ending on March 31, 2023. The startup witnessed a remarkable 97% surge, with its operating revenue soaring from INR 84 Crores in the previous fiscal year to INR 165 Crores in FY23.

Established in 2019 by Ishendra Agarwal, Nikita Prasad, and Sachin Shett, GIVA specializes in genuine 925 fine silver jewellery, as well as 14-carat and 18-carat gold jewellery, and lab-grown diamond jewellery. This omnichannel brand extends its presence through retail stores across the country.

Taking into account additional sources of income, the startup’s overall revenue reached INR 167 Crores in FY23, reflecting a notable 98% surge compared to the INR 84.5 Crores recorded in the preceding year.

Nevertheless, the startup experienced a 138% increase in net loss, reaching INR 45.2 Crores in the year under review, up from INR 19 Crores in FY22.

The startup’s total expenditure surged by over twofold, reaching INR 212.3 Crores in FY23, a substantial increase from the INR 104 Crores incurred in the previous year.

GIVA allocated INR 77 Crores toward selling and marketing expenses, marking a 64% rise from the INR 47 Crores expended in the preceding year. This expenditure encompassed advertising, brand promotion, and brand photoshoot expenses—comprising all essential elements for enhancing brand awareness.

The startup witnessed a 114% surge in procurement costs, escalating from INR 34.7 Crores in FY22 to INR 74.3 Crores in FY23. This notable increase in procurement costs serves as an indicator of heightened demand for the brand’s jewellery.

Employee benefit expenses at GIVA experienced a substantial 306% surge, reaching INR 21 Crores in FY23 compared to INR 5.2 Crores in the previous fiscal year. This notable increase can be attributed to the startup’s expansion efforts, including the opening of more retail stores, resulting in a rise in its overall employee count.

The EBITDA margin declined to -25.3% in FY23, down from -22.2% in FY22.

GIVA has secured more than $45 million through various funding rounds to date, with prominent investors such as Premji Invest and A91 Partners being notable contributors to its funding portfolio.

Earlier this year, GIVA secured $35 million in its Series B funding round, with Premji Invest taking the lead as the primary investor.

In the new-age fast fashion jewellery space, GIVA competes directly with Ratan Tata-backed BlueStone, Tata-owned CaratLane, and Lightbox-funded Melorra.

Earlier this year, Titan acquired CaratLane, a competitor of GIVA, at a valuation of over $2 billion. Concurrently, BlueStone disclosed an operating revenue of INR 770 Crores in FY23, accompanied by a loss of INR 59 Crores.