News

Investcorp sells its stake in leading luggage maker, Safari Industries

7 Sep 2023

Investcorp, a leading global alternative investment firm, today announced the successful exit of its investment in the publicly listed Safari Industries, with an Internal Rate of Return (IRR) of more than 100% on the deal. This marks another significant milestone in Investcorp’s journey of partnering with companies demonstrating high-growth potential in India.

Investcorp invested INR 75 Crore in Safari Industries 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. Investcorp exited it’s stake in the company in three tranches over the course of the last [twelve] months, realising a total return of INR 285 Cr at 3.8X Multiple on Invested Capital (MOIC) from the investment.

Commenting on the exit, Gaurav Sharma, Head of Private Equity India at Investcorp, said, “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. Collaborating with Sudhir Jatia’s visionary leadership and dedicated team has been a rewarding journey, and 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”.

Speaking on the development 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.”

In September 2022, Investcorp exited the leading eyecare hospital chain, ASG Eye Hospital. The firm sold its shareholding as part of a funding round of INR 15 billion, marking India’s biggest private equity funding in the eye care space and one of the largest private equity transactions in the single specialty healthcare industry in the country.

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, NDR Warehousing, Intergrow Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, NephroPlus, Unilog, XpressBees, and Safari Industries.