PE fund Lighthouse invests Rs 229 cr in Safari for undisclosed stake

Private equity fund Lighthouse on Monday said it has invested Rs 229 crore in luggage brand Safari for an undisclosed stake.

The investment by the mid-market consumer and healthcare-focused platform is the second bet taken by its newest fund, Lighthouse India Fund IV AIF, as per an official statement.

It was not immediately clear how the company intended to deploy the newly raised funds.

Lighthouse's co-founder and partner Sachin Bhartiya said the Private Equity (PE) fund sees structural tailwinds to the travel sector, and added that the Indian luggage market has been a beneficiary of increasing leisure travel and wedding spends.

"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," he said.

Safari's chairman and managing director Sudhir Jatia said the luggage market still remains "highly unorganised" and his company aims to penetrate deeper into the Indian market.

Lighthouse's past investments since inception in 2007 include Bikaji Foods, Nykaa, Duroflex Mattresses, Fabindia, Ferns N Petals and Cera Sanitaryware.