Investcorp, a leading global alternative investment firm, has announced the successful exit of its investment in the publicly listed Safari Industries, one of the largest luggage brands in India.
This transaction marks Investcorp’s fourth exit in India over the past two and a half years, following the sale of ASG Eye Hospital, a leading eyecare hospital chain, InCred, a leading tech-enabled financing company and Bewakoof, a leading direct-to-consumer online apparel brand.
According to the statement, “Investcorp invested in Safari in February 2021. During Investcorp’s ownership period, Safari Industries successfully increased its production capacity and expanded its physical stores footprint in new and under-served markets in India.”
“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. This is our fourth exit in India in just a few years, highlighting how our approach of working side by side with ambitious companies to help them generate and realize value pays dividends for both the companies and our investors.”
Commenting on the exit, Mr. Gaurav Sharma, Partner and head of India Investments at Investcorp, said that, “It gives us immense pleasure to witness Safari Industries’ transformation into a leading luggage brand in India. Millions have trusted and chosen Safari for their travel needs over the years.”
Speaking on the development, Mr. Sudhir Jatia, Chief Executive and Managing Director of Safari Industries, commented that, “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.”