Giva, a jewellery startup sponsored by Azim Premji’s PE firm Premji Invest, has reported a 65.8 percent increase in operational revenue, although the firm’s net loss increased by 29.6 percent in fiscal year 2024 (FY24) compared to the previous year due to a steep increase in metal procurement. Giva‘s operating revenue in FY24 totaled Rs 273.6 crore. However, the net loss for the period increased to Rs 58.6 crore, according to the company’s financials obtained via market information portal Tofler.
In FY24, metal procurement costs climbed by more than 53% to Rs 115 crore. This accounted for 34% of its total expenses, which were Rs 338 crore. Employee benefit spending more than doubled to Rs 49.6 crore in fiscal year 24.Last month, Giva announced that it had raised Rs 255 crore in a fundraising round to expand its offline presence and strengthen its lab-grown diamond offerings.