Lighthouse Funds Invests Rs 229 Crore in Safari Industries Expansion
- ByStartupStory | March 4, 2024
Mid-market consumer and healthcare-focused fund, Lighthouse Funds, has injected Rs 229 crore into luggage maker Safari Industries through its latest fund, Lighthouse India Fund IV AIF.
This marks the second investment by Lighthouse from its newly raised fourth private equity fund. Sachin Bhartiya, co-founder and partner at Lighthouse Funds, highlighted the potential of the Indian luggage market, stating, “The Indian luggage market is a beneficiary of increasing leisure travel and wedding spends.”
Sudhir Jatia, chairman and managing director of Safari Industries, expressed the company’s intent to leverage Lighthouse’s experience as it delves deeper into the Indian market, affirming, “Safari will leverage Lighthouse’s experience as it penetrate deeper into the Indian market.”
The domestic luggage market, estimated at Rs 15,000 crore, sees organised players holding a 40% share, according to ratings agency Crisil. Crisil reported, “Organised luggage makers are set to double capacity and ramp up retail presence by 35-40%, drawing up total capital expenditure of Rs 700 crore this fiscal.”
Safari Industries recently announced the allotment of 12 lakh fully paid up equity shares to Lighthouse India Fund IV AIF. Lighthouse Funds’ portfolio includes notable investments in Bikaji Foods, Nykaa, Fabindia, and Ferns N Petals.
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