Jewellery brand Giva's revenue rises 66% in FY24, losses widen 30%
However, the Bengaluru-based company's net loss widened by 29.6% to Rs 58.6 crore, as per the financials of the company sourced from market intelligence platform Tofler.
Founded in 2019 as an affordable omnichannel brand focused on silver jewellery, Ishendra Agarwal-led Giva has expanded into lab grown diamonds and gold jewellery to cater to the evolving consumer fashion demands.
In FY24, cost of procurement of metals, which was Giva’s largest cost item, increased by over 53% to Rs 115 crore, accounting for 34% of its overall expenses, which totalled Rs 338 crore.
The employee benefit expenses more than doubled to Rs 49.6 crore in FY24, contributing to the rise in losses.
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