Indian direct-to-consumer D2C silver jewellery startup GIVA has secured INR 40 crore ($4.8m) in debt funding from venture debt company Alteria Capital. The company intends to use the funds to manage inventory and expand its offline presence in India. GIVA uses influencer marketing and performance marketing on Facebook and Google to attract customers and build trust in its brand.

It also counts Aditya Birla Group, India Quotient, Sixth Sense Ventures, A91 Ventures, Founder Bank Capital, Anicut Angel Fund, founders of ShareChat, and First Cheque among its backers.

To market its products, GIVA mainly creates influencer marketing campaigns in which influencers write and post about its jewellery. It also partners with mega influencers to endorse its brand. Bengaluru-based GIVA has also hired Anushka Sharma and Shruti Hassan as brand ambassadors. A marked price is what consumers see on the product while buying, GIVA said.

The company claims to earn 90% of its revenue from online channels and the remaining 10% from offline channels. It reported more than 100% revenue growth in the current fiscal year, FY22. GIVA says it has over 2 lakh users visiting its website daily and a customer base of more than 1.2 million. The start-up operates more than 40 exclusive brand outlets across India and aims to launch 100 retail outlets in Tier-II and Tier-III Indian cities by FY23-24.

India’s gem and jewellery market was worth $25.30bn in 2020, according to a report by Maximize Market Research. The industry is expected to grow at a CAGR of 21.35% by 2027. Other players operating in India’s silver jewellery market include Melorra, STAC Fine Jewelry, and Benaazir. In the last year, jewellery brands Melorra, BlueStone, and Aulerth raised $16m, $30m, and $1.1m, respectively.

GIVA’s pricing model takes into account manufacturing expenses, the cost of silver metal, and profit margin when setting a marked or list price. The start-up’s primary focus is on online channels, where it generates most of its revenue. However, it also aims to expand its offline presence, targeting Tier-II and Tier-III Indian cities.

GIVA’s success in the highly competitive Indian jewellery market can be attributed to its innovative marketing strategy, which utilises influencer marketing and brand ambassadors. The company’s use of social media platforms like Facebook and Google for performance marketing has also been effective in driving customer engagement and sales.

India’s jewellery market is one of the largest in the world, and the industry is expected to continue its growth trajectory in the coming years. GIVA’s successful fundraising round and plans for expansion demonstrate the potential for start-ups in the sector to capitalise on this growth and carve out a niche in the market.

Overall, GIVA’s unique marketing approach, online focus, and plans for expansion make it an exciting player to watch in the Indian jewellery market. Its recent funding round provides the necessary resources to continue scaling its operations and increasing its market share.