Jewelry startup GIVA continued its aggressive growth trajectory in the fiscal year ended March 31, 2025, reporting an 89% year-on-year (YoY) increase in revenue. According to financial statements filed with the Registrar of Companies (RoC) on February 13, 2026, the company’s revenue from operations rose to ₹518 crore, up from ₹274 crore in FY24.
However, the “push to chase scale” resulted in a 22% widening of losses, which stood at ₹72 crore for the period, compared to ₹59 crore in the previous fiscal year.
Q3 FY26 Financial & Operational Snapshot
GIVA’s strategy of balancing its digital roots with a massive physical retail footprint has turned it into a truly omnichannel player, with revenue now split almost evenly between online and offline channels.
| Metric | FY24 | FY25 | Change (YoY) |
| Operating Revenue | ₹274 Cr | ₹518 Cr | ↑ 89.1% |
| Total Income | ₹281 Cr | ₹523 Cr | ↑ 86.1% |
| Net Loss | ₹59 Cr | ₹72 Cr | Widened 22.0% |
| Total Expenses | ₹338 Cr | ₹596 Cr | ↑ 76.3% |
Efficiency Improvements: Despite the larger loss, GIVA’s unit economics improved. The company spent ₹1.15 to earn a rupee of revenue in FY25, a notable improvement from the ₹1.23 spent in FY24. Additionally, EBITDA margins improved to -10.8%.
The Cost of Expansion: Materials and Rentals
The primary drivers of the increased expenditure were the rising costs of raw materials and the aggressive rollout of physical stores.
- Material Costs: The cost of procurement—primarily silver, gold, and diamonds—surged 97% to ₹227 crore, accounting for 38% of total expenses.
- Rental Surge: As GIVA crossed the 200-store milestone and neared 300 outlets, its rental expenses jumped 135% to ₹47 crore.
- Marketing Discipline: While marketing spend rose to ₹135 crore, its growth (55%) was slower than the revenue growth (89%), suggesting better brand salience and organic discovery.
- International Entry: The company made its global debut with a store in Sri Lanka, which contributed ₹10.7 crore to the FY25 topline.
Moving Toward the Public Markets
GIVA has raised approximately $122 million to date, including a $61.5 million Series C round led by Creaegis in mid-2025. This funding valued the company at roughly ₹4,000 crore.
The IPO Roadmap:
- Target Run Rate: Founder Ishendra Agarwal has indicated that GIVA will target an IPO once it achieves an annual revenue run rate of ₹1,800–2,000 crore.
- Timeline: Based on current growth, this milestone is expected within the next 24 to 36 months.
- Product Diversification: The brand is moving beyond its “Silver” identity, with Lab-Grown Diamonds (LGD) and Gold now accounting for a growing share of the mix.
“GIVA has done well to expand while improving margins… crossing the ₹500 crore milestone augurs well for the firm as it seeks to sweat its offline network harder for per-store sales.” — Entrackr Analysis.
