Dubai, UAE — Investcorp, an alternative investment firm, Monday said it has sold its stake in one of India’s largest luggage brands, Safari Industries.
Investcorp invested in Safari in February 2021. During Investcorp’s ownership period, Safari Industries increased its production capacity and expanded its physical stores footprint in new and under-served markets in India.
This was Investcorp’s fourth exit in India in just a few years, following the sale of ASG Eye Hospital, an eyecare hospital chain, InCred, a tech-enabled financing company and Bewakoof, a direct-to-consumer online apparel brand.
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 retail, SaaS, e-commerce, and technology sectors.
Its investments over the last four years include V-Ensure, Intergrow Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, NephroPlus, Unilog, XpressBees, and Safari Industries.
Yusef Al Yusef, Head of Investcorp’s Private Wealth said, “As we expand our investments across India and continuously review and strengthen our portfolio, Safari is another example of how we invest and accelerate the growth in companies with an exceptional market position, solid fundamentals and strong growth potential.”
Gaurav Sharma, Partner & Head of India Investments at Investcorp, said, “This partnership is a testament to Investcorp’s commitment to investing in companies with strong growth potential. We are confident of their continued success in their next phase of growth.”
Sudhir Jatia, Chief Executive and Managing Director, Safari Industries said, “Working with Investcorp has been an incredible journey. Their partnership and unwavering support have been crucial in propelling Safari Industries to new heights, bringing both scale and success to our endeavors.”
