Lighthouse Funds, a mid-market consumer-focused fund, has invested Rs 229 crore in Safari Industries (India) Limited, a luggage maker, through its fourth alternative investment fund (AIF). This marks the second investment from the new fund, backed by Rs 400 crore from the National Investment and Infrastructure Fund Ltd’s Fund of Funds in January 2023. Previously, Lighthouse Funds infused Rs 284 crore into fashion jewellery brand Kushal’s. The Lighthouse Fund IV AIF has a target size of Rs 3,500 crore.
Sachin Bhartiya, Co-founder and Partner at Lighthouse Funds, expressed optimism about India’s tourism potential and the structural tailwinds for the sector. He stated, “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.”
In September of the previous year, Bahrain-based Investcorp finalized its exit from Safari Industries, securing a total 3.8X return of Rs 285 crore. Investcorp had initially invested Rs 75 crore in Safari Industries in February 2021.
Sudhir Jatia, Chairman and Managing Director of Safari Industries, welcomed Lighthouse Funds into Safari and emphasized the vast potential of the Indian luggage market. He stated, “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.”
Lighthouse Funds is a mid-market private equity firm focusing on growth investments in the consumer and healthcare space. With investments in over 30 companies since 2007, the firm’s portfolio includes consumer and healthcare brands such as Nykaa, Fabindia, Ferns N Petals, and Unibic Foods.
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