The Indian jewelry market, traditionally dominated by gold, has seen a significant transformation in recent years, thanks to the vision and innovation of a young startup—Giva. Founded in 2019, Giva has emerged as a leading silver jewelry brand, focusing on offering consumers high-quality, branded silver jewelry that rivals the standards seen in gold and diamond jewelry. Behind this revolution are three dynamic entrepreneurs: Ishendra Agarwal, Nikita Prasad, and Sachin Shetty. Together, they identified an untapped market segment, built a brand rooted in quality and consumer trust, and made Giva a household name in silver jewelry.
In this article, we explore the journey of Giva, its founding story, and how the company has revolutionized the silver jewelry market in India. Additionally, we will delve into the entrepreneurial background of Ishendra Agarwal, the CEO, and how his previous ventures played a crucial role in shaping Giva’s success.
The Spark of an Idea: Entering the Silver Jewelry Market
The jewelry market in India is vast and diverse, with a heavy focus on gold, given the country’s deep cultural ties to the precious metal. Prominent players such as Tanishq, Kalyan Jewellers, and Malabar Gold dominate the gold jewelry segment. However, when Ishendra Agarwal, along with co-founders Nikita Prasad and Sachin Shetty, set out to create a brand in 2019, they noticed a glaring gap in the market.
In an interview with The Neon Podcast, Agarwal explained that when they began brainstorming the idea for Giva, silver jewelry was largely overlooked. While there were many local, family-owned stores offering silver jewelry, none of these shops had the brand power, quality assurance, or scale of the big names in the gold sector. The silver jewelry market was fragmented, unorganized, and dominated by small players with limited vision.
“We wanted to give those standards that you would find in gold and diamonds, in silver as a category,” Agarwal remarked. Recognizing this as an opportunity, Giva was born with the mission to elevate silver jewelry by offering a brand that consumers could trust—something that had not existed before in this segment.
Building a Brand Around Trust and Quality
One of Giva’s core values is to offer high-quality silver jewelry while ensuring complete transparency in terms of purity and craftsmanship. Agarwal saw that in the unorganized silver jewelry market, local jewelers would often sell substandard products with questionable purity levels. There was no competition, and consumers were left with no choice but to buy from these small shops.
Agarwal and his team decided to create a brand that would introduce high standards of purity and design, akin to the expectations consumers have when purchasing gold or diamond jewelry. With this approach, Giva aimed to offer customers not only beautiful designs but also the assurance of authenticity.
The team focused on creating a seamless online shopping experience, offering a wide range of silver jewelry that appealed to both modern and traditional tastes. This combination of quality and ease of access quickly resonated with Indian consumers, particularly millennials and Gen Z, who value both affordability and luxury.
The Founders: Ishendra Agarwal’s Entrepreneurial Journey
Ishendra Agarwal, the CEO of Giva, is no stranger to the world of startups. Before co-founding Giva, Agarwal founded two other companies—HidnChat and AVNI. HidnChat is a secure messaging app, while AVNI is a company focused on providing e-commerce solutions. His previous entrepreneurial experiences helped him understand the intricacies of launching a consumer-focused brand, especially in the competitive Indian market.
Agarwal’s journey with Giva was shaped by his keen observation of market gaps. His previous ventures taught him the importance of product-market fit and how a business can scale by solving a real problem. When Giva was founded, Agarwal, Prasad, and Shetty were not just aiming to sell jewelry—they wanted to solve a problem that had persisted in the silver jewelry market for decades.
“A lot of family-owned businesses in the silver jewelry sector were operating with a local mindset. They had no vision of scaling or establishing a brand,” Agarwal said in a recent interview. This realization pushed the Giva team to create a silver jewelry brand that could go beyond the local market and reach customers nationwide.
Giva’s Impressive Growth and Market Success
In just a few years, Giva has made remarkable strides. The company’s revenue has surged by 66%, reaching Rs 274 crore in FY24. This impressive growth is a testament to the strength of its business model and the increasing consumer demand for branded, quality silver jewelry. Giva’s strategy of offering high-quality, trustworthy products at affordable prices has resonated well with Indian consumers, particularly those who want branded jewelry without the premium cost associated with gold and diamonds.
The company’s growth is also driven by its strong digital presence. Giva capitalized on the growing e-commerce trend, providing a seamless online shopping experience. From its user-friendly website to its strong presence on platforms like Amazon and Flipkart, Giva has made it easy for customers to purchase high-quality silver jewelry from the comfort of their homes.
The Indian Jewelry Market: The Landscape and Giva’s Role
India’s jewelry market is one of the largest in the world, valued at approximately $100 billion. Despite the dominance of brands like Titan, Malabar Gold, and Kalyan Jewellers, the organized sector still holds a small share of the market. According to Agarwal, even the biggest players in the market, like Titan, have just 5% market share, while smaller players and local shops dominate the rest of the industry.
This fragmented nature of the market presents both challenges and opportunities. For Giva, the lack of branded players in the silver jewelry segment allowed the startup to step in and capture market share by offering a brand that consumers could trust for silver jewelry. Agarwal sees Giva as a pioneer in this space, bringing the same level of trust, quality, and standardization to silver jewelry that gold and diamond jewelry brands have long enjoyed.
What’s Next for Giva?
Looking ahead, Giva has ambitious plans for the future. The company intends to expand its product offerings, improve its technology, and continue building its brand as the go-to destination for silver jewelry in India. With the Indian jewelry market continuing to grow, Giva is well-positioned to capture a significant share of the silver jewelry market in the coming years.
Agarwal and his co-founders are also exploring international expansion, particularly in regions with large Indian diaspora populations, where the demand for silver jewelry is expected to grow.
Giva is a prime example of how a startup can identify a market gap, innovate to solve a problem, and build a brand that resonates with consumers. By focusing on high-quality silver jewelry and offering customers trust and transparency, Giva has positioned itself as a leader in the silver jewelry space. With the leadership of Ishendra Agarwal and his co-founders Nikita Prasad and Sachin Shetty, Giva is poised for even greater success in the years to come.
