Middle East alternative asset manager Investcorp, which counts Abu Dhabi sovereign wealth fund Mubadala as one of its shareholders, has divested its stake in India's publicly listed luggage maker Safari Industries.
The Bahrain-based company confirmed the stake sale in a statement released on Monday, just a little over past two and a half years since investing in the Indian label in 2021.
The value of the transaction was not disclosed.
This is Investcorp’s fourth exit in India over the past two and a half years. The company said the latest move highlights its “approach of working side by side with ambitious companies to help them generate” returns for investors.
Investcorp invested $10.36 million in Safari in a deal announced in February 2021. Safari had expanded its production capacity and physical stores footprint during Investcorp’s ownership period.
Investcorp is an active investor in India’s mid-market companies across consumption-linked sectors and in the real estate business. It targets investments across various sectors, including consumer tech, healthcare, financial services, retail SaaS, e-commerce and technology.
(Writing by Cleofe Maceda; editing by Brinda Darasha)