Lighthouse Invests INR 229 Cr in Luggage and Travel Accessories Brand Safari Industries This is the Lighthouse's second investment from the new fund, following an INR 284 crore investment in Series B in the fashion jewellery brand Kushal's.
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Mid-market consumer and healthcare-focused fund Lighthouse Funds has invested INR 229 crores in Safari Industries (India) Limited through its recent fund Lighthouse India Fund IV AIF (Alternative Investment Fund).
Renently, It has invested INR 284 crore in Series B in a fashion jewellery brand Kushal's. The target size of Lighthouse Fund IV AIF is INR 3,500 crore.
Sudhir Jatia, Chairman and Managing Director of Safari Industries said, "We are delighted to welcome Lighthouse Funds into Safari. 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."
Mumbai-based Safari Industries manufactures and retails a range of hard and soft luggage, rolling bags and back-packs. The company claims that it currently has over 9,300 online and offline customer touch points, more than 800 SKUs across categories.
Sachin Bhartiya, Co-founder and Partner at Lighthouse Funds commented, "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."
