OIJIF II invests in the Senco Gold & Diamonds jewelry chain | India is blooming
Kolkata: Oman India Joint Investment Fund II (OIJIF II) has announced that it has invested around Rs 75 crore in Senco Gold Limited, a pan Indian jewelry retailer based in Kolkata.
OIJIF II is a fund managed by OIJIF MC, an India-focused private equity fund manager sponsored by the Oman Investment Authority and State Bank of India.
Senco Gold operates 127 showrooms across the country. In eastern India, it is the largest organized jewelry retailer. Senco has been ranked as the 2nd most trusted jewelry brand in India by TRA in its Brand Trust Report 2020.
One of India’s leading venture capital firms, SAIF Partners India IV Limited, has been an investor in the company since 2014. Senco recorded consolidated revenue of around Rs 2,675 crore for the financial year 2021.
Speaking on the closing of the transaction, Srinath S, CEO – OIJIF MC said, “We are delighted to partner with Senco Gold & Diamonds, a regional champion in India’s $65 billion jewelry market. Senco has tremendous brand presence in its home and growing markets across the rest of the country, and has among the best track records of growth and profitability in the industry. It is one of the few jewelry chains to have succeeded in setting up a network of franchised showrooms. It is also leveraging e-commerce to establish a strong presence in direct-to-consumer (D2C) retail for its lightweight and modern jewelry line – Everlite.”
Suvankar Sen, Managing Director and CEO of Senco Gold, said, “We are delighted to partner with OIJIF II and look forward to working together. We intend to make Senco an omnichannel jewelry brand nationwide. Senco has been around for over 50 years and continues to drive growth and profitability. With the pandemic receding, Senco is well positioned to expand its network of showrooms as well as strengthen its digital presence. »
He also said that Senco follows the principles of trust, transparency and customer focus on the path and vision laid out by Founding Chairman Shaankar Sen.
Quest Profin Advisor Pvt Ltd. (Quest), a Mumbai-based investment bank, was the exclusive financial advisor to the company and the transaction.