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Luggage and travel accessories brand Safari Industries (India) Ltd has raised ₹229 crore from Lighthouse Funds India focused fund.
The investment was done via Lighthouse India Fund IV AIF. This is the second investment by Lighthouse from its newly-raised fourth private equity fund.
Safari Industries manufactures and retails a diverse range of hard and soft luggage, rolling bags and back-packs. The company has over 800 SKUs across categories and over 9,300 online and offline customer touch-points.
“Indian luggage market still remains highly unorganised, and we intend to leverage Lighthouse’s experience in building high-quality brands as we penetrate deeper into the Indian market,” said Sudhir Jatia, Chairman and Managing Director, Safari Industries.
Consumer-focused companies
Indian mid-market private equity firm Lighthouse Funds, which started investing in India since 2007, has backed consumer-focused companies such as Fabindia, Duroflex, Wow! Momo, Bikaji Foods, and others. The fund has invested in over 30 companies across consumer and healthcare brands.
“The Indian luggage market is a beneficiary of increasing leisure travel and wedding spends. Over the past decade, we have seen dramatic upgrades in rail and road connectivity and significant growth in the aviation sector. India’s tourism potential is huge, and we see structural tailwinds for the sector. Safari is uniquely positioned to capture this opportunity with the confluence of expanding discretionary spends and changing consumer behaviour in favour of branded luggage with aspirational appeal,” said Sachin Bhartiya, Cofounder and Partner at Lighthouse Funds.
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