Global alternative investment firm Investcorp on Wednesday said it will invest $10.36 million or about Rs75 crore in luggage maker Safari Industries, subject to shareholder and regulatory approvals.
Incorporated in 1974, Safari Industries is India’s third largest luggage brand.
“We are delighted to welcome Investcorp into Safari and hope to get shareholder approvals to close the transaction in March 2021,” said Sudhir Jatia, chief executive and managing director, Safari Industries.
Investcorp has presence in mid-market companies across consumption-linked sectors and in real estate business in India. In the private equity space, Investcorp has interests in consumer tech, healthcare, financial services and technology sector.
If approved, the investment in Safari Industries will be Investcorp’s 11th in India over the last four years, including Intergrow Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, ASG, NephroPlus, Unilog and XpressBees.
Safari Industries reported a net profit of Rs1.19 crore for the quarter ended December, down 87.5% on year, while revenue from operations fell 32.6% to Rs112.01 crore.
