The Kolkata-based jewellery retail chain, Senco Gold, has raised Rs.80 crore from venture capital firm SAIF Partners. The proceedings will enable Senco Gold to accelerate its growth, and establish a pan India footprint.
Hailed as one of the largest jewellery retail chains from eastern India, Senco has presences across India through a chain of 59 stores. The company aims to take the art of handcrafted jewellery in gold, diamond, platinum and modern jewellery to consumers across the country.
The 77-year-old company has presence in Bengal, Orissa, Jharkhand, Assam, Bihar, Madhya Pradesh, Delhi and Mumbai and soon opening a store in Lucknow, UP. Close to 50% of its store is owned by the company and rest by exclusive franchises.
Talking about the investment, Vishal Sood, Managing Director, SAIF Partners, said, “We have known the Senco Gold management for some time and have come to appreciate the high quality brand that the company has created. We are 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. We are very excited about our partnership with Senco Gold and look forward to our journey together in creating a truly world class jewellery retail brand.”
This investment also heralds the interest of venture capitalist in eastern India. Besides selling jewellery, Senco also offers astrology consultancy and suggestions pertaining to special occasions such as marriage, and anniversary among others.
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.”
SAIF Partners manages over $1 billion of investments in India across sectors like internet, technology, ITeS/KPO, consumer products and services, financial services and healthcare. It has a portfolio of over 30 companies, including Havells, HomeShop18, IPCA Laboratories, JustDial among several others.