Bengaluru-based silver jewellery brand Giva Jewellery is expecting strong sales during the current financial year and expects to close the year with a three-fold jump in revenue at Rs 80 crore ($11 million).
The company has been witnessing strong demand in the silver jewellery market over the last few years and achieved sales of Rs 27 crore in the previous financial year.
Giva attributed its growth to the rise in online shopping due to the Covid-19 pandemic caused disruptions in the offline space and expects the growth momentum to continue over the next few years.
“Our sales were at Rs 27 crore last year. We are expecting an average monthly sale of Rs 6 to 6.5 crore this year, taking the total net sales to Rs 80 crore. There is a rise in online shopping due to the COVID-19 pandemic as many traditional consumers have started shifting towards online platforms,” founder of Giva, Ishendra Agarwal told PTI.
“Giva has so far invested Rs 24 crore into the business, including Rs 10 crore from investment firm Indian Quotient. There is no capital requirement at present, but in touch with investors for future expansion,” he added.
Founded in 2019, Giva products are available online on its website and marketplaces such as Amazon, Myntra, AJIO, Tata Cliq, Nykaa, and others. The brand is endorsed by Bollywood actor Anushka Sharma.
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