Oman India Joint Investment Fund II announced investment of INR 75 crores in Senco Gold Limited, a pan-India jewellery retailer based out of Kolkata.
Srinath S, CEO - OIJIF MC said, “We are excited to partner with Senco Gold & Diamonds, a regional champion in the USD 65 billion Indian jewellery market. Senco has a formidable brand presence in its home markets and 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 retail presence for its lightweight and modern jewellery range - 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 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.”
He also said that Senco operates on the principles of trust, transparency and customer centricity on the path and vision laid down by Founder Chairman Shaankar Sen. Senco Gold Limited currently operates 127 showrooms and is rated as the 2nd most trusted jewellery brand in India by TRA in their Brand Trust Report 2020. The company posted a consolidated revenue of around INR 2,675 crores for FY2021. 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. (https://oijif.com)