1 week Ago
Premji Invest-backed jewellery brand Giva reported a 65.8% year-on-year growth in operating revenue, reaching Rs 273.6 crore for the fiscal year ended March 2024.
However, the Bengaluru-based company's net loss widened by 29.6% to Rs 58.6 crore, as per the financials of the company sourced from market intelligence platform Tofler.
Founded in 2019 as an affordable omnichannel brand focused on silver jewellery, Ishendra Agarwal-led Giva has expanded into lab grown diamonds and gold jewellery to cater to the evolving consumer fashion demands. In FY24, cost of procurement of metals, which was Giva’s largest cost item, increased by over 53% to Rs 115 crore, accounting for 34% of its overall expenses, which totalled Rs 338 crore. The employee benefit expenses more than doubled to Rs 49.
6 crore in FY24, contributing to the rise in losses. Web Development JavaScript Essentials: Unlock AI-Driven Insights with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Advanced Excel Course - Financial Calculations & Excel Made Easy By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program Web Development Django & PostgreSQL Mastery: Build Professional Web Applications By - Metla Sudha Sekhar, IT Specialist and Developer View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) ChatGPT Mastery from Zero to Hero: The Complete AI Course By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance Tally Prime & GST Accounting: Complete Guide By - CA Raj K Agrawal, Chartered Accountant View Program Office Productivity Microsoft Word Mastery: From Beginner to Expert By - CA Raj K Agrawal, Chartered Accountant View Program Web Development C++ Fundamentals for Absolute Beginners By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance A2Z Of Finance: Finance Beginner Course By - elearnmarkets, Financial Education by StockEdge View Program Leadership Boosting Startup Revenue with 6 AI-Powered Sales Automation Techniques By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, IT Specialist and Developer View Program Strategy ESG and Business Sustainability Strategy By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader View Program Web Development Master RESTful APIs with Python and Django REST Framework: Web API Development By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Leadership From Idea to Product: A Startup Development Guide By - Dr.
Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Java 21 Essentials for Beginners: Build Strong Programming Foundations By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance Crypto & NFT Mastery: From Basics to Advanced By - CA Raj K Agrawal, Chartered Accountant View Program Finance Financial Literacy for Non-Finance Executives By - CA Raja, Chartered Accountant | Financial Management Educator | Former AVP - Credit, SBI View Program Giva offers products like bracelets, earrings, necklaces, rings, and chains through its mobile app, website, offline stores, and third-party platforms. The company has also expanded to quick commerce platforms, including Swiggy Instamart, Blinkit, and Zepto, to broaden its reach among urban consumers. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories In October, it closed an extended series B funding round, raising Rs 255 crore led by Premji Invest, with participation from new investors Epiq Capital, Edelweiss Discover Fund, and the company’s top management.
In an earlier interaction with ET, Agarwal shared the plans of the company to open over 100 stores annually in cities like Mumbai, Hyderabad, Chennai, Ahmedabad, and Kolkata. Currently, over 50% of its current stores are located in Bengaluru and New Delhi. Giva competes with jewellery players like Accel-backed Bluestone and Tata-owned Caratlane, Melorra, other traditional brands like Joyalukkas.
In FY24, IPO-bound Bluestone recorded a 64% increase in operating revenue while narrowing its full-year losses by about 15% to Rs 142.2 crore..
