In 2019, Ishendra Agarwal, Sachin Shetty, and Nikita Prasad launched GIVA in Bengaluru. They noticed a gap in the Indian jewellery market, where most consumers viewed jewellery as a long-term investment rather than a daily fashion accessory. GIVA set out to change this mindset. The founders decided to make jewellery affordable, fashionable, and accessible to modern consumers, especially targeting millennials and Gen-Z buyers.
Instead of following traditional jewellery business models, GIVA adopted a direct-to-consumer (D2C) approach. This strategy allowed the company to control customer experience, pricing, and branding while cutting out middlemen. GIVA primarily sold silver jewellery, offering designs that appealed to contemporary tastes and lifestyles.
Expanding Product Range
After establishing a strong foothold in silver jewellery, GIVA broadened its product lineup. The company introduced gold jewellery to cater to customers looking for both style and long-term value. In 2024, GIVA made a significant move by entering the lab-grown diamond segment. This segment attracted consumers who wanted sustainable, ethical, and affordable diamond alternatives.
By 2025, lab-grown diamonds and gold contributed about 20% to GIVA’s overall revenue. The expansion into these categories allowed GIVA to serve a wider customer base while staying true to its core value proposition of affordable luxury.
Rapid Financial Growth
GIVA’s revenue growth has remained impressive since its inception. In the financial year 2023, the company nearly doubled its revenue from ₹84 crore in FY22 to ₹165 crore. This remarkable 96% growth came despite rising costs in procurement, logistics, marketing, and employee expenses. The increased spending led to higher losses, with net loss widening from ₹19 crore in FY22 to ₹45 crore in FY23. However, these losses reflected the company’s aggressive investment in growth rather than operational inefficiencies.
In FY24, GIVA continued its upward trajectory. The company’s revenue rose to ₹273.6 crore, marking a 66% increase over the previous year. Net loss also grew but at a slower pace, reaching ₹58.6 crore. The company’s management focused heavily on expanding its retail presence, building brand recognition, and improving customer retention.
In FY25, GIVA’s revenue more than doubled again, reaching ₹510 crore. Same-store sales grew by 65%, driven by higher customer traffic and repeat purchases. This growth came alongside improved cost management, allowing the company to reduce its net loss to ₹42 crore. These financial results demonstrated GIVA’s ability to scale while moving closer to profitability.
Retail Footprint and Store Expansion
GIVA aggressively expanded its offline presence to complement its online D2C model. By April 2025, the company operated approximately 290 stores across India. These stores played a crucial role in building brand trust, allowing customers to experience the products firsthand before making purchases.
The company opened its first airport outlet in Chennai and began experimenting with international expansion by launching pilot stores in Sri Lanka. For FY26, GIVA plans to add another 145 to 150 stores, aiming for a network of over 300 outlets. Long-term, GIVA targets 800 stores by 2029. This ambitious plan shows the company’s confidence in its business model and the Indian jewellery market’s potential.
GIVA’s expansion strategy focuses on omni-channel retail. The company sells through offline stores, its website, mobile app, and major online marketplaces. Additionally, GIVA partners with quick commerce platforms like Blinkit, Zepto, and Swiggy Instamart to reach urban consumers looking for instant deliveries.
Funding and Investor Confidence
GIVA has attracted significant investor interest throughout its growth journey. The company raised approximately $70 million across multiple funding rounds. In July 2023, Premji Invest, Aditya Birla Ventures, Alteria Capital, and A91 Partners invested around ₹200 crore. In October 2024, GIVA secured an additional ₹255 crore through an extended Series B round. Another ₹102 crore followed in March 2025 through a mix of equity and debt funding.
In its most recent Series C round, GIVA raised about ₹450 crore (approximately $53 million). Creaegis Investment led this round, with continued support from Premji Invest, Epiq Capital, Edelweiss, and others. As of January 2025, GIVA’s valuation reached approximately ₹2,020 crore (around $240 million). These investments reflect strong investor confidence in GIVA’s growth potential, business model, and leadership team.
Operational Performance Snapshot
| Financial Year | Revenue | Net Loss | Store Count | Same-Store Sales Growth |
|---|---|---|---|---|
| FY23 | ₹165 Cr | ₹45 Cr | ~100 | – |
| FY24 | ₹273.6 Cr | ₹58.6 Cr | ~200 | – |
| FY25 | ₹510 Cr | ₹42 Cr | ~290 | 65% |
GIVA continues to deliver strong revenue growth, improve operational efficiency, and reduce losses as it scales.
Strategic Advantages
Omni-Channel Approach
GIVA blends online convenience with offline trust-building. By maintaining both strong digital sales and a growing physical store network, the company ensures a seamless customer experience. Quick commerce partnerships further strengthen its reach among urban consumers seeking fast deliveries.
Product Diversification
GIVA constantly innovates its product offerings. The entry into lab-grown diamonds positions the company as an ethical, sustainable alternative to traditional diamond retailers. This move also taps into a rapidly growing consumer segment focused on environmental and social responsibility.
Efficient Scaling
GIVA balances rapid growth with operational discipline. While losses remain, the company has steadily narrowed them through improved store performance, better inventory management, and increased customer loyalty.
Visionary Leadership
Under CEO Ishendra Agarwal’s leadership, GIVA aims to generate ₹850 crore in revenue by FY26 while achieving positive EBITDA. The company also plans to expand into new product categories such as men’s jewellery and children’s jewellery while pursuing global expansion opportunities.
Competition in the Market
GIVA operates in a competitive Indian jewellery market alongside major players such as CaratLane, BlueStone, and Melorra.
- CaratLane, backed by Tanishq, posted revenues of ₹2,169 crore in FY23.
- BlueStone reported revenues of approximately ₹771 crore with a loss of ₹167 crore.
- Melorra generated ₹364 crore in FY22.
Compared to these competitors, GIVA remains smaller but grows at a faster pace. Its unique mix of affordable luxury, digital-first approach, and aggressive store expansion helps it capture market share rapidly.
Challenges and Risks
While GIVA’s growth story remains strong, several challenges lie ahead:
- The company faces high capital requirements to fund store expansion, inventory, and marketing.
- Managing consistent customer experience across hundreds of stores requires strong operational execution.
- Gold price volatility and economic downturns could impact discretionary spending on jewellery.
- Increasing competition in lab-grown diamonds may pressure margins.
Despite these challenges, GIVA’s strong investor backing, efficient cost control, and loyal customer base position it well to overcome obstacles.
The Road Ahead
Looking forward, GIVA targets ₹850 crore in revenue for FY26 and aims to achieve profitability. The company will continue to open new stores, launch fresh product categories, and expand internationally. The Series C funding will fuel investments in hiring, product innovation, marketing, and supply chain efficiency.
Conclusion
GIVA’s journey from a silver jewellery startup in 2019 to a ₹510 crore business in 2025 demonstrates the power of a clear vision, strong execution, and customer-focused innovation. The founders built a modern jewellery brand that appeals to young Indian consumers looking for affordable, stylish, and ethical jewellery. With strong revenue growth, improving profitability, and a scalable omni-channel model, GIVA stands poised to become one of India’s leading mass jewellery brands in the years ahead.
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