Giva is an internet-first brand that offers several pieces of jewelry including necklaces, bracelets, rings, and more. The platform offering various jewelry products announced a 66.1 percent growth in its operating revenue to Rs 274 crore in FY24. The startup provides several lab-grown diamonds or jewelry made of gold, silver, and more through its online platform and offline stores. The sale of these jewelry and related products is the company’s primary source of revenue.
The firm also earns income through commissions and sales of other accessories. The data intelligence platform, tracxn mentioned that the startup had secured over 50.5 million USD across multiple funding rounds since its inception, including $32.9 million raised during its series B funding round from A91 partners, Premji Invest, and other investors. The data intelligence platform, tracxn also posted the company’s post-money valuation to be around 239 million USD. The omnichannel jewelry brand also saw increased investor interest.
The Bengaluru-based startup provides high-quality and lab-grown diamond jewelry accessories to its customers. The online platform uses advanced technologies to give customers a personalized feed and recommendations. Giva offers its services in more than 150 offline stores across India. The firm also introduces a franchise-led model to increase its customer base and broaden its reach.
The firm reported the cost of procurement of diamonds and metals as the largest expenditure accounting for 34 percent of the total costs. This cost of materials also increased by 53.3 percent and stood at Rs 115 crore in FY24. The company’s marketing and advertising cost was around Rs 87 crore in this financial year. While, the commissions, legal, shipping, and other expenses increased the overall cost. The company posted a 31.1 percent increase in its losses to Rs 59 core in FY24. Entrackr reported. The company has investors including A91 partners, IQ Capital, and Premji Invest.
Giva aims to control its losses and adjust loss figures through cost-cutting measures. The jewelry brand saw a 59.4 percent increase in its total expenditure to Rs 338 crore in FY24. The employee benefit also jumped by 2.38 times to Rs 50 crore in the same duration. The startup reported its EBITDA margin of -17.14 percent while ROCE stood at -24.42 percent in this financial year. Giva faces competition from other omnichannel jewelry brands such as Caratlane, Bluestone, and Melorra.
Conclusion :
The omnichannel jewelry startup Giva announced a 66.1 percent YoY increase in its operational revenue to Rs 274 crore in FY24. This company offers affordable jewelry accessories including bracelets, necklaces, and rings. The sale of these jewelry and related products is the firm’s primary source of revenue.
The loss also increased by 31.1 percent to Rs 59 crore in FY24. The employee expenses and promotional and advertisement costs also increased for this financial year. The startup aims to reduce its losses following profitability and controlled expenditure. The firm has secured over 50.5 million USD across multiple funding rounds to date.
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