Jewellery brand Giva's revenue rises 66% in FY24, to Rs 273.6 crore

Jewellery startup Giva, backed by Azim Premji’s PE firm Premji Invest, has reported a 65.8 per cent jump in its operating revenue, but the firm’s net loss widened by 29.6 per cent during the financial year 2024 (FY24) against the previous year due to a sharp jump in procuring metals.

 

Giva’s operating revenue reached Rs 273.6 crore in FY24. But the net loss during the period widened to Rs 58.6 crore, according to the financials of the company sourced from market intelligence platform Tofler.

 

Soaring costs

 

The cost of procurement of metals increased by over 53 per cent to Rs 115 crore in FY24. This accounted for 34 per cent of its overall expenses, which totalled Rs 338 crore. The employee benefit expenses more than doubled to Rs 49.6 crore in FY24.

 

Last month, Giva said it has raised Rs 255 crore in a funding round, as it planned to expand its offline presence and bolster its lab-grown diamond offerings.

 

The extended Series B funding round was led by Premji Invest, Epiq Capital, and Edelweiss Discover Fund, with participation from Giva’s top management.

 

Giva had said it plans to use the funds for expansion across India and to enable strategic investor exits. The round facilitated partial exits for early investors A91 Partners and India Quotient.