GIVA Crosses ₹500 Cr Revenue Mark in FY'25 Amid Aggressive Expansion
Introduction
Bengaluru-based jewellery startup GIVA delivered another year of strong growth in FY25, reinforcing its position as one of India’s fastest-growing new-age jewellery brands. The company’s operating revenue surged 89% year-on-year to ₹518 crore, up from ₹274 crore in FY24. However, rapid expansion across categories and retail formats came at a cost, as losses widened during the same period.
Financial Performance
According to filings with the Registrar of Companies (RoC), GIVA’s total income stood at ₹523 crore in FY25. Despite the impressive topline growth, the company reported a net loss of ₹72 crore, a 22% increase from ₹59 crore in FY24.
Profitability pressures stemmed largely from heavy investments in store expansion, marketing, and talent. Still, there were signs of improving efficiency: GIVA spent ₹1.15 to earn every rupee in FY25, better than ₹1.23 in FY24. EBITDA margin improved to –10.81%, while ROCE stood at –21.52%.
From Silver Startup to Multi-Category Brand
Founded as a digital-first silver jewellery brand, GIVA initially focused on affordable, everyday designs targeted at young consumers. Over time, the company expanded into gold jewellery and lab-grown diamonds, moving up the value chain while retaining its contemporary design philosophy.
Revenue is now almost evenly split between online and offline channels, highlighting the brand’s successful omnichannel strategy.
Founders and Leadership
GIVA is led by founder and CEO Ishendra Agarwal, Nikita Prasad (Creative Head), and Sachin Shetty, They have steered the company from a niche online startup to a nationally recognized jewellery brand. Under his leadership, GIVA has prioritized scale, brand visibility, and retail expansion to compete with both traditional jewellers and new-age D2C players.
Cost Structure
Rapid growth significantly increased expenses. The cost of materials — primarily silver, gold, and diamonds — rose 97% to ₹227 crore, accounting for 38% of total spending. Inventory levels doubled to ₹100 crore due to higher procurement.
Employee expenses jumped 82% to ₹91 crore as the company expanded teams across retail, operations, and corporate functions. Marketing spend rose 55% to ₹135 crore, reflecting aggressive brand-building efforts. Rental costs surged 135% to ₹47 crore due to store expansion. Overall expenses climbed 76% to ₹596 crore.
Product Expansion and Market Position
GIVA’s shift beyond silver into gold and lab-grown diamonds has broadened its customer base and improved average order value. The company crossed 200 stores during FY25 and is approaching 300 outlets, giving it one of the widest offline footprints among new-age jewellery brands.
Internationally, GIVA entered Sri Lanka with its first overseas store, generating ₹10.7 crore in revenue. Its nationwide presence now rivals established players such as BlueStone and CaratLane, the latter operating under Titan Company Limited.
Expansion and Growth Outlook
To date, GIVA has raised about $122 million in funding, with Creaegis leading a $61.5 million Series C round and IQ Capital among key investors. The company is preparing for a public listing once revenue reaches an annual run rate of ₹1,800–2,000 crore, which management expects within two to three years.
However, external factors such as rising gold and silver prices and margin pressures in lab-grown diamonds could influence future performance.
Conclusion
GIVA’s journey highlights a classic startup trade-off: aggressive growth versus short-term profitability. By building a strong omnichannel brand, expanding categories, and pursuing national scale, the company has positioned itself for long-term leadership in India’s modern jewellery market.
For investors, GIVA represents the evolving face of consumer brands — digital-first origins, offline scale, and IPO ambitions. As the company moves toward profitability and public markets, it will be a closely watched story in India’s retail landscape.
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