Jewelry startup GIVA continued its impressive growth in FY25 as the company reported an 89% year-on-year increase in revenue after recording 66% growth in FY24. However, in its push to chase scale, the company’s losses widened by 22% during the same period.

GIVA’s revenue from operations grew 89% to Rs 518 crore in FY25 from Rs 274 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC).

GIVA makes money from the sale of jewellery products through its digital and physical retail network. The firm initially focused on silver jewellery and now has expanded into gold and lab-grown diamond categories.

The company reported a nearly even split between online and offline channels, with each contributing roughly 50% to overall revenue. During the year, GIVA crossed the 200-store milestone and is approaching 300 outlets. The company also entered an international market with the launch of its first store in Sri Lanka which reported revenue of Rs 10.7 crore in FY25. The company’s total income stood at Rs 523 crore for the period.

The cost of materials, the largest expense component for Giva, rose 97% to Rs 227 crore and accounted for 38% of the overall expenses. The higher procurement activity also pushed up inventory levels as the firm’s inventory rose 108% to Rs 100 crore in FY25. Its employee benefit expenses jumped 82% to Rs 91 crore in FY25 from Rs 50 crore in FY24.

Marketing expenditure increased 55% to Rs 135 crore, while rental expenses surged 135% to Rs 47 crore amid offline expansion push. Overall, Giva’s total expenses increased 76% to Rs 596 crore in the last fiscal year from Rs 338 crore in FY24.

In order to achieve scale, the Ishendra Agarwal-led company’s loss increased by 22% to Rs 72 crore in FY25 from Rs 59 crore in FY24. Its ROCE and EBITDA margin improved to -21.52% and -10.81% respectively.

On a unit basis, the company spent Rs 1.15 to earn a rupee in the fiscal year ending March 2025, an improvement from Rs 1.23 in FY24. The Bengaluru-based company recorded current assets worth Rs 291 crore, including cash and bank balances of Rs 37 crore at the end of FY25, compared to Rs 83 crore in the previous year.

GIVA has raised around $122 million to date, with IQ Capital as its lead investor, including a $61.5 million Series C round led by growth-stage investor Creaegis. It’s preparing for a listing, with the founder indicating that the IPO is likely to be targeted once the business reaches an annual revenue run rate of Rs 1,800–2,000 crore, which is expected over the next two to three years.

For background on the new-age jewellery space, GIVA’s competitor, BlueStone went public in August 2025 and reported a 40% rise in revenue to Rs 1,770 crore in FY25, while its losses widened 56% to Rs 222 crore. The company operates over 200 stores. Meanwhile, CaratLane, which operates under Titan Company Limited, posted revenue of Rs 3,583 crore in FY25 and runs more than 350 offline stores across the country.

GIVA has done well to expand while improving margins, and that augurs well for the firm now that it has crossed the Rs 500 crore milestone. What will possibly hurt is not in its control right now, in the form of contracting consumer demand linked to the spike in silver and gold prices. Lab grown diamonds are unlikely to continue to offer the margins many jewellers hoped for, as wholesale prices continue to shrink and fire sales continue to get rid of older stock by jewellers across the board.

Marketing expenditure remains uncomfortably high, and will probably need to be tracked harder, even as it seeks to sweat its offline network harder for per store sales. A genuinely national presence is one of the strong suits for GIVA now, unlike many competitors that are regional heavy. It will be very interesting to see how GIVA, and other players, emerge from the volatile pricing behaviour we have seen in FY26, and the changes it forces on the industry.

Courtesy : ENTRACKR