Safari Industries Ltd raises Rs 229 crore from Lighthouse Funds

Luggage and accessories maker Safari Industries Ltd has received an investment of Rs 229 crore ($27.7 million) from Lighthouse Funds.

Lighthouse had recently infused Rs 284 crore into fashion jewellery brand Kushal’s through its fourth alternative investment fund (AIF).

Safari plans to utilise the funds to expand its retail presence and widen its reach in the Indian luggage market.

Commenting on the investment, Sachin Bhartiya, co-founder at Lighthouse Funds in a statement said, “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.”

Sudhir Jatia, chairman of Safari Industries added, “We are delighted to welcome Lighthouse Funds into Safari. Indian luggage market 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 product range includes travel accessories, backpacks, duffel bags, and gift items among other products. It retails through its direct to customer e-commerce store and retail stores across India.