Kolkata-based jewellery retail chain Senco Gold Limited received an investment of Rs. 75 crore from the Oman India Joint Investment Fund II (OIJIF II) through equity for a minority stake, according to a statement by a private equity fund manager sponsored by Oman Investment Authority.
Senco Gold, which operates 127 showrooms across the country, reported revenues of about Rs 2,675 crore for FY2021. The raised funds would be used to boost Senco’s digital sales across India, it noted.
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.” 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 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 (D2C) retail presence for its lightweight and modern jewellery range, Everlite.”