Motilal Oswal invests ₹600 crore in industrial safety gear maker KARAM, fifth investment via PE fund

Motilal Oswal Group has invested ₹600 crore in KARAM Safety, an occupational safety solutions and personal protective equipment (PPE) company, as the group backs the company’s expansion and global growth plans.

Motilal Oswal Alternates made the investment through its private equity fund, India Business Excellence Fund V (IBEF V), which was closed at ₹8,500 crore in February 2026. The deal marks the fifth investment from the fund.

“Motilal Oswal Alternates made the investment through its India Business Excellence Fund V (IBEF V). IBEF V was closed at ₹8,500 crore in February 2026 and the investment in KARAM becomes the fifth investment from the fund,” KARAM said in a release today.

Fund to accelerate KARAM’s global growth

The investment will support KARAM Safety’s inorganic growth and diversification strategy, with a focus on strategic acquisitions across complementary product categories, technologies and international markets, the release said. The company also plans to use the capital to strengthen its manufacturing capabilities, product innovation and 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), KARAM Safety.

“We are very excited to have Motilal Oswal Alternates as a partner on our cap table. This association will further strengthen our global presence and escalate our position as market leaders in India too,” said Rajesh Nigam, Co-Founder and President (Technical), KARAM Safety.

Founded in 1998, KARAM Safety is one of India’s largest companies in the fall protection and personal protection equipment space. It has a portfolio of more than 3,800 products, including harnesses, lanyards, helmets, safety footwear, and respiratory, hearing and hand protection products.

The company has vertically integrated manufacturing facilities across India, South Africa and Brazil and sells its products across the US, Europe, South America, Africa and Asia-Pacific under four global brands. It exports its safety solutions to more than 140 countries and has a workforce of over 4,500 employees.

“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.

He said KARAM operates in a category with strong structural tailwinds, driven by rising workplace safety standards, greater regulatory enforcement and sustained industrial capital expenditure.

The partnership will enable KARAM to build greater scale, capabilities and international reach as it seeks to become a diversified global safety solutions company.

EY acted as the sell-side investment banking adviser to KARAM Safety.