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Mid-market consumer-focused fund Lighthouse Funds has invested Rs 229 crore in luggage maker Safari Industries (India) Limited via its fourth alternative investment fund (AIF).

This marks the second investment from the new fund, which got a backing of Rs 400 crore from National Investment and Infrastructure Fund Ltd’s Fund of Funds in January 2023. It recently infused Rs 284 crore into fashion jewellery brand Kushal’s.

Lighthouse Fund IV AIF has a target size of Rs 3,500 crore.

“India’s tourism potential is huge, and we see structural tailwinds for the sector. 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,” said Sachin Bhartiya, Co-founder and Partner at Lighthouse Funds.

In September last year, Bahrain-based Investcorp made the final exit from Safari Industries, securing a total 3.8X return of Rs 285 crore. Investcorp had invested Rs 75 crore in Safari Industries in February 2021.

“We are delighted to welcome Lighthouse Funds into Safari. Indian luggage market still remains highly unorganised, and we intend to leverage Lighthouse’s experience in building high-quality brands as we penetrate deeper into the Indian market,” said Sudhir Jatia, Chairman and Managing Director of Safari Industries.

Lighthouse is a mid-market private equity firm focused on growth investments in the consumer and

healthcare space. The firm has been investing in India since 2007 and has invested in over 30 companies

across consumer and healthcare brands such as Nykaa, Fabindia, Ferns N Petals, and Unibic Foods.