India-focused fund manager Motilal Oswal Alternates (Mo Alts) has invested Rs 600 crore ($63 million) in KARAM Safety Private Limited, an occupational safety solutions and personal protective equipment company, according to an announcement.
The transaction was made through the PE firm’s India Business Excellence Fund V (IBEF V), which closed at Rs 8,500 crore earlier this year. This marks the fifth investment from the fund.
Founded in 1998, KARAM makes safety gear for workplaces and claims to be India’s largest company in the fall protection and personal protective equipment space. Its product range includes more than 3,800 products, from harnesses, lanyards and helmets to safety footwear and equipment for respiratory, hearing and hand protection.
The company has manufacturing facilities across India, South Africa and Brazil.
“India is emerging as a credible global hub for high-quality safety and industrial products, and KARAM is among the few homegrown brands that have built genuine depth in R&D, manufacturing and international distribution,” said Prakash Bagla, Managing Director (Manufacturing Sector), Motilal Oswal Alternates.
“The company operates in a category with strong structural tailwinds, rising workplace safety standards, growing regulatory enforcement and sustained industrial capex,” he added.
The investment will help KARAM pursue acquisitions in related product categories and overseas markets while also supporting investments in new products, manufacturing and its global distribution network.
“This investment marks an important chapter in KARAM’s journey. It provides us with the strategic and financial flexibility to pursue meaningful acquisitions, enter new categories and markets, and accelerate our ambition of building KARAM into a global leader in the safety industry,” said Hemant Sapra, co-founder and president (Global Sales and Marketing) at KARAM Safety Private Limited.
KARAM sells its products under four global brands across markets such as the US, Europe, South America, Africa and Asia Pacific.
Mo Alts, which invests across sectors such as consumer, financial services, manufacturing, healthcare and technology, manages Rs 30,000 crore across its PE, real estate and private credit funds. Its private equity business alone manages Rs 18,000 crore across five funds.
