Luggage Brand Safari Raises $27 Mn From Lighthouse Fund

Luggage brand Safari Industries (India) has raised INR 229 Cr (around $27 Mn) in fresh funding from growth stage venture capital firm Lighthouse’s fourth alternative investment fund (AIF). 

As per the official statement, this is the second investment by Lighthouse in the company.

Last week,  Lighthouse invested INR 284 Cr in Kushal’s, giving a partial exit to its first institutional investor India SME Investments. 

Lighthouse counts Bikaji Foods, Nykaa, Duroflex Mattresses, Fabindia, Ferns N Petals, Cera Sanitaryware, Dhanuka Agritech, Kama Ayurveda and Kushal’s Retail as among its portfolio companies. 

Safari’s chairman and MD Sudhir Jatia said, “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.”

Safari manufactures and retails a diverse range of luggage bags and backpacks. The company claims to have over 800 stock keeping units (SKUs), and 9,300+ online and offline customer touch-points.

According to media reports, last year, the company gave an exit to one of its investors Investcorp with 102% internal rate of return (IRR). The total return amounted to INR 285 Cr for the investor, translating to a remarkable 3.8x multiple on the investment of INR 75 Cr. 

Safari competes with the likes of VIP, American Tourister and also startups including Mokobara, Nasher Miles, etc. 

The announcement comes days after its competitor Mokobara secured funding worth $12 Mn led by Peak XV Partners which took the startup’s valuation  to $80 Mn. It runs multiple stores in Bengaluru, Delhi, Mumbai and Pune and is planning to open 25 more stores by this April.

According to a market study, the Indian luggage industry market, as of 2024, stands at $15.05 Bn, and is expected to grow at  5.21% CAGR by 2028.