OIJIF II invests in Senco Gold & Diamonds jewellery chain

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 organised jewellery retail player. Senco has been rated as the 2nd most trusted Jewellery brand in India by TRA in their Brand Trust Report 2020.

One of India’s top VC firms, 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.

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 USD 65 billion Indian jewellery market. Senco has a formidable brand presence in its home markets & growing in the rest of the country, and is 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 are delighted to partner with OIJIF II and look forward to working together. We intend to build Senco into a national level omnichannel 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.

Quest Profin Advisor Pvt Ltd. (Quest), a Mumbai-based boutique Investment Bank, was the exclusive Financial Advisor to the company and the transaction.