Premji Invest-backed GIVA's revenue grows from Rs 84 crore to Rs 145 crore in FY23

In the fiscal year ending March 2023, GIVA, a 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.

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.

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.

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

The startup 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.