After achieving strong financial results in FY24, Fancy jewelry startup Giva secured $30 million in an expanded Series B funding round in the October month. Supported by Premji Invest, the company ended the fiscal year with a 30% increase in losses and a 66% increase in operating revenue.

According to Giva's annual consolidated financial records obtained from the Registrar of Companies, the company's operating revenue increased from 165 crore in FY23 to 274 crore in the fiscal year ended March 2024.

Giva is an omnichannel jewelry startup that started as a low-cost jewelry brand before branching out into lab-grown diamonds and gold jewelry.

For a greater reach, the company has implemented a franchise-led strategy in addition to its approximately 150 physical locations across the nation. Its main source of income in FY24 came from the selling of jewelry.

In FY24, Giva's employee benefits increased 2.38 times to 50 crore, while the company spent 87 crore on branding and marketing. Other significant overheads that increased the company's total expenses by 59.4% to 338 crore in FY24 included commissions, shipping, rent, and legal fees.

Giva's losses increased 31% to 59 crore in FY24 due to staff benefits and expensive client acquisition and renting costs. Its EBITDA margin and ROCE both increased to -17.1% and -24.4%, respectively. In FY24, the company earned one rupee by spending Rs 1.23 per unit.

The cash and bank balances of the Premji Invest-backed company were 83 crore in FY24, while the total current assets were 244 crore.