Based on the model of fine jewellery brands, for example, US-based Mejuri and Denmark-based Pandora, Bangalore-based D2C silver jewellery startup GIVA enrolled a 10X expansion in deals in the midst of COVID-19, a year ago.
At the point when Ishendra Agarwal entered the fine gems business in 2019, a couple of top brands like Carat Lane, BlueStone, Melora, and others were working in the space. The greater part of them offered fine gold jewellery to working ladies, however the value focuses were in every case generally steep.
“We saw that women in the West could buy jewellery in the range of Rs 9,000-10,000. Why did Indian women have to spend so much money on fine jewellery?” says Ishendra, who went on to found Bangalore-based jewellery brand GIVA in 2019.
Most existing brands around then offered fine jewellery made out of gold. Other existing alternatives were artifical jewellery, which are not enduring and frequently lead to unfavorably allergic reactions.
“Gold is a costly metal, which makes a buy extravagant. Selling things online at greater cost focuses is consistently difficult in India. We needed to give individuals something that was extravagant, valuable, and fine jewellery. That is the reason we picked silver,” says the CEO and Founder.
GIVA offers authentic yet affordable silver jewellery without compromising on quality.
Ishendra, an electrical engineer, established his direct-to-consumer fine jewellery brand in 2019 with Nikita Prasad, a NIFT graduate jewellery designer, and former investment associate Sachin Shetty.
Ishendra entered the jewellery business continuing in the strides of his family. The underlying speculation was Rs 10 lakh of his own cash, with loved ones putting resources into their own ability.
Up until now, the startup has raised $675,000 across different seed adjusts between August 2019 and July 2020. Different financial backers, including India Quotient, Snapdeal’s Kunal Bahl, and ShareChat Co-originator Ankush Sachdeva, have put resources into the firm.
The firm offers earrings, pieces of jewelry, bracelets and pendants, among different items. Their normal item estimating is between Rs 499 and Rs 3,999, with Rs 1,500 being the sweet spot, “where individuals purchase most items”.
The items are accessible online on the GIVA site and on commercial centers like Amazon, Myntra, AJIO, Tata Cliq, Nykaa, and others. Orders can also be placed on call and WhatsApp.
The jewellery startup claims that deals developed 10X in the monetary year 2020-21, in the midst of the first wave of the COVID-19 pandemic.
“I think there were a few reasons behind the increase in sales. Gold had become much more expensive than silver. So people who could not afford gold opted for silver jewellery. As budgets tightened, more and more people looked for affordable options,” Ishendra says.
The startup clamins to have expanded showcasing spends by 20X from zero in 2019.
The market and future
The year 2020 saw a massive rise in online shopping. In the midst of the pandemic and lockdowns, the lone way individuals could shop was through online channels. Many set up D2C brands, including MamaEarth, Sugar Cosmetics, bOAT, Wow Skin Science, Bewakoof, MCaffeine, and Wakefit,registered a mega growth in sales.
A report by Avendus Capital on D2C brands in India expresses that the addressable market size for this industry will be $100 billion by 2025. The report adds there are 16 brands with $50 million ARR and 45 more with ARR of $15 million or more.
GIVA realizes that the market is gigantic, and has launched a scope of rings, toe rings and nose pins, customized jewellery to keep up the development force. It dispatches another product offering each week to keep the collection new and is dealing with a line of scent.
Ishendra claims the startup’s restrict with Neha Kakkar, perhaps the greatest artist, has additionally acquired great reaction. Neha, with 57.4 million supporters on Instagram and various chartbusting tracks to her name, impacts a decent piece of their intended interest group.
The collection, in a joint effort with Neha, is valued marginally on the superior side. While the most reduced value chain retails for Rs 1,049, the Neha Kakkar collection chain retails for Rs 1,699.
GIVA contends with Tata’s CaratLane and Mia among others in the fine jewellery category. Aside from selling fine gold jewellery, CaratLane additionally sells silver and brass jewellery under their image Shaya, beginning at about Rs 1,700.
This could be competition for GIVA, however individuals hoping to purchase in the Rs 500-Rs 2,000 value reach may incline toward shopping from GIVA.
The originators are intending to launch an application soon to arrive at clients where they invest the most energy – on their mobile.
“At any rate 80% of our business comes from our site and the rest from commercial centers,” Ishendra says. This aides the brand in keeping value focuses lower as they don’t need to pay commissions to online commercial centers.
Ishendra anticipates adding more items to the current reach and working together with more big names for jewellery lines. “The arrangement is to assemble a solid adornments brand and increment our client base.”
Article Courtesy- YourStory