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Premji Invest-backed jewellery start-up GIVA’s revenue grew to ₹274 crore in the fiscal year ended March 2024 from ₹165 crore in FY23, according to financial statements from Tofler.
The losses of the jewellery start-up grew 31 per cent to ₹59 crore in FY24 from ₹45.23 crore in the year-ago period.
Huge procurement costs
The cost of procurement increased 53.3 per cent to ₹115 crore in FY24 from ₹75 crore in FY23..
The omnichannel jewellery brand, which was started as an affordable jewellery brand has expanded into gold jewellery and lab-grown diamonds. The company operates around 150 physical stores nationwide and has introduced a franchise-led model for broader reach.
GIVA spent ₹87 crore on branding and marketing, while the employee benefits stoodat ₹50 crore in FY24.
Recently, GIVA closed its extended Series B funding round at ₹255 crore from Premji Invest, Epiq Capital, Edelweiss Discover Fund and the top management of GIVA. The funding round, comprising 35 per cent primary and 65 per cent secondary investments, saw a partial exit of A91 Partners and India Quotient.
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