Oman India Joint Investment Fund II invests in Senco Gold & Diamonds

Oman India Joint Investment Fund II (OIJIF II) announced that it has invested Rs 75 crores in Senco Gold Limited, a pan-India jewellery retailer based out of Kolkata.

Senco Gold operates 127 showrooms across the country. In eastern India it is the largest organised jewellery retail player. VC firm SAIF Partners India IV Limited, has been an investor in the company since 2014. Senco posted consolidated revenues of around Rs 2,675 crores for FY2021, it said in a press statement.

Speaking on the closure of the transaction, Srinath S, CEO – OIJIF MC said, “We are excited to partner with Senco Gold & Diamonds, a regional champion in the $65 billion Indian jewellery market. Senco has a formidable brand presence in its home markets & growing in rest of the Country; and amongst the best growth and profitability track records within the sector. 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 (D2C) retail presence for its lightweight and modern jewellery range – Everlite”.

Suvankar Sen, Managing Director and CEO of Senco Gold said, “We intend to build Senco into a national level omni-channel jewellery brand. Senco has existed for over 50 years and continues to deliver growth and profitability. With the pandemic now receding, Senco 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 Advisors to the Company and the transaction.