Silver jewellery startup Giva on Monday said the company is expecting a three-fold jump in its net sales at ₹80 crore during the current financial year, on the back of strong demand.
The company had achieved ₹3 crore net sales in the first year of its establishment in fiscal 2019-20. The net sales of the company grew to ₹27 crore in 2020-21.
Giva sells lab-tested, BIS hallmarked silver jewellery of 92.5 purity. Currently, the company is selling silver jewellery in the price range of ₹500-8,900 through its online platform.
Speaking to PTI, Founder of Giva, Ishendra Agarwal said, “Our sales were at ₹27 crore last year. We are expecting an average monthly sales of ₹6-6.5 crore this year, taking the total net sales to ₹80 crore.” About 60 per cent of the demand for fine silver jewellery is coming from North India, while the rest from the South, he said, adding that much of it comes from metros and tier-I cities, he said.
Shift toward online buying
Agarwal, an IIT-Kanpur graduate, said there is a rise in online shopping due to the Covid-19 pandemic as many traditional consumers have started shifting towards online platforms, he added.
Further, he said women consumers in the age group of 30-40 are increasingly shifting towards online buying as silver jewellery at lower price band suits their requirement at a time when income levels have gone down in view of the pandemic.
The company is dispatching more than 35,000 parcels in a month at present, he added.
According to Agarwal, Giva has so far invested ₹24 crore into the business, including ₹10 crore from investment firm Indian Quotient.
He said there is no capital requirement at present, but they are in touch with investors for future expansion.
Giva has launched a mobile app and its products are also sold on other e-commerce platforms like Amazon, Flipkart, Myntra, Nyka among others.
The company recently roped in actress Anushka Sharma as its brand ambassador.