Jewellery startup GIVA continued its rapid growth trajectory in FY25, reporting an 89% year-on-year surge in revenue to ₹518 crore, compared to ₹274 crore in FY24. The strong topline expansion follows a 66% growth in the previous fiscal. However, the company’s losses widened 22% during the year as it accelerated its offline expansion and brand building efforts.
According to filings with the Registrar of Companies (RoC), GIVA’s total income stood at ₹523 crore in FY25. The Bengaluru-based brand generates revenue through the sale of jewellery across its omnichannel network, with nearly equal contribution from online and offline channels.
Offline Push and Category Expansion
Originally focused on silver jewellery, GIVA has expanded into gold and lab grown diamond categories. During FY25, the company crossed the 200 store milestone and is now approaching 300 outlets nationwide. It also entered international markets with its first store in Sri Lanka, which generated ₹10.7 crore in revenue during the year.
Costs Rise with Scale
Cost of materials, the largest expense head, rose 97% to ₹227 crore, accounting for 38% of total expenditure. Inventory levels more than doubled to ₹100 crore, reflecting higher procurement to support store expansion and new product categories.
Employee benefit expenses increased 82% to ₹91 crore, while marketing expenditure climbed 55% to ₹135 crore. Rental expenses surged 135% to ₹47 crore as the company expanded its offline footprint. Overall, total expenses rose 76% to ₹596 crore in FY25.
As a result, GIVA’s net loss widened to ₹72 crore from ₹59 crore in FY24. However, operational efficiency improved, with the company spending ₹1.15 to earn every rupee in FY25, compared to ₹1.23 in the previous year. EBITDA margin improved to -10.81%.
IPO Plans and Competitive Landscape
GIVA has raised around $122 million to date, including a $61.5 million Series C round led by Creaegis. The company is targeting an IPO once it achieves an annual revenue run rate of ₹1,800–2,000 crore over the next two to three years.
In the broader new age jewellery space, competition remains intense. BlueStone and CaratLane continue expanding aggressively, while rising gold and silver prices may influence consumer demand going forward.
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