Oman India Joint Investment Fund II invests ₹75 crore in Senco Gold

BL Kolkata Bureau Updated - April 11, 2022 at 05:00 PM.

The Kolkata-based jewellery retailer plans to increase its showroom network and build a digital presence

Suvankar Sen, Managing Director and CEO, Senco Gold & Diamonds.

Oman India Joint Investment Fund II (OIJIF II) has invested around ₹75 crore in Kolkata-based jewellery retailer Senco Gold Ltd. OIJIF II is a fund managed by OIJIF MC, an India-focused private equity fund manager sponsored by Oman Investment Authority and State Bank of India

Senco Gold, which operates 127 showrooms across the country, is one of the largest organised jewellery retailer in eastern India. SAIF Partners India IV Ltd, one of India’s top VC firms, has been an investor in the company since 2014. Senco posted consolidated revenues of around ₹2,675 crore for FY21.

According to Srinath S, CEO, OIJIF MC, Senco Gold & Diamonds is a regional champion in the $65-billion Indian jewellery market. “Senco has a brand presence in its home markets and growing in the rest of the country. It figures amongst the few jewellery chains to have successfully established a franchisee showroom network. It is also leveraging e-commerce to build a strong direct-to-consumer retail presence for its lightweight and modern jewellery range – Everlite,” he said in a press statement.

The company intends to build Senco into a national-level omni-channel jewellery brand, said Suvankar Sen, Managing Director and CEO of Senco Gold. With the pandemic now receding, it is well positioned for an expansion of its showroom network as well as building its digital presence.

Quest Profin Advisor Pvt Ltd (Quest), a Mumbai-based boutique investment bank, was the exclusive financial advisor to the company and the transaction.

Published on April 11, 2022 11:30

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