[Funding alert] Investcorp to invest $10.36M in luggage brand Safari Industries
Bahrain-headquartered Investcorpis set to invest $10.36 million in Safari Industries, a luggage and bags brand. The transaction is now subject to shareholders and regulatory approvals.
Safari Industries is India's third-largest and fastest-growing luggage brand, and has been present in the Indian market for over 40 years.
Incorporated in 1974, Safari Industries was acquired by Sudhir Jatia in 2012, who is the luggage brand's CEO and Managing Director. Since the acquisition, Safari Industries has grown at a pace faster than the industry and other competitors.
If approved, the investment in Safari Industries will represent Investcorp’s 11th investment in India over the last four years, with previous investments including Intergrow Brands, FreshToHome, Zola, , Citykart, ASG, , Unilog, and ..com,
The global manager for alternative investment products says its focus is on targeting first-generation entrepreneurs to enable them to scale up businesses with asset-light models and proven unit economics.
Gaurav Sharma, Head of Private Equity, Investcorp India said, “Safari Industries has developed a unique portfolio of quality-driven affordable products and enjoys a strong recall in India. This investment, if approved, aligns with our thesis of targeting unique businesses in India's mass consumption market. We see a strong opportunity in this space and look forward to hopefully working with the leadership team and supporting them in the next phase of their growth.”
Anshuman Goenka, Director Private Equity, Investcorp India said, “We are excited about the prospects for Safari that has grown very quickly, and has a lot of room for expansion in the market. It has a mix of strong leadership and business fundamentals that, in our view, makes Safari Industries a contender for the market leadership position in the future.”
In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and technology sector.
Sudhir Jatia commented, “We hope to get shareholder approvals to close the transaction in March 2021.”