SAIF Partners invest $13m in Indian jewelry chain

Established in 1945 and headquartered in Kolkata, Senco produces handcrafted jewelry. It claims to be one of the largest jewelry retail chains in eastern India, with 59 outlets nationwide - of which 29 are company-owned while the remaining 30 are run by exclusive franchisees.

The new funding will be used to accelerate the company's growth and help it establish a pan-India footprint. In addition to its retail business, Senco also exports jewelry to international markets such as Dubai, Singapore and the US. It posted net sales of INR9.8 billion for the year ended March 2013 with net profit of INR399 million.

"We have known Senco Gold management for some time and have come to appreciate the high quality brand that the company has created," said Vishal Sood, managing director at SAIF Partners, in a statement. "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."

According to a recent report by the Federation of Indian Chambers of Commerce and Industry (FICCI), the domestic gems and jewelry industry had a market size of INR2.51 trillion in 2013, with a potential to grow to INR5-5.3 trillion by 2018.

SAIF manages over $1 billion of investments in India. Last month the GP committed INR144 million to Speciality Restaurants, a listed restaurant chain operator, for a stake of around 2.27%.

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• Topics
• South Asia
• Consumer
• Expansion
• India
• Consumer
• Growth capital
• SAIF Partners