Multi-stage private investment firm SAIF Partners has invested Rs 80 crore (approximately $13 million) in Kolkata-headquartered Senco Gold Ltd, a jewellery retail chain from eastern region in India.
Senco, which is engaged in the manufacturing of handcrafted jewellery in gold, diamond, platinum and modern jewellery, will use the funds to accelerate its growth and establish a pan-India footprint.
Founded in 1945, Senco operates through 59 outlets across India and is planning to expand its reach across the country.
Suvankar Sen, Executive Director, Senco Gold Ltd, said, “We envision accelerating our business growth across India through the funding from SAIF Partners. This investment will give a boost to our operations and increase our pace of progress. We have found like-minded partners in SAIF Partners and look forward to working with them.”
Senco’s 59 stores include 29 company owned and 30 exclusive franchisees. The company also exports handcrafted jewellery to international markets such as Dubai, Singapore and the US.
SAIF Partners’ Managing Director Vishal Sood said, “We have known Senco Gold management for some time and have come to appreciate the high quality brand that the company has created. We have been impressed with Senco Gold’s stellar growth, the depth of the company’s network in east India, and the strong vision and leadership provided by the Sens.”
