Motilal Oswal Group has invested ₹600 crore in KARAM Safety, an occupational safety solutions and personal protective equipment (PPE) company, as it looks to accelerate its expansion in India and overseas markets.
The investment has been made by Motilal Oswal Alternates through its private equity fund, India Business Excellence Fund V (IBEF V). The fund, which was closed at ₹8,500 crore in February 2026, has now made five investments.
For KARAM, the capital comes as the company moves beyond its established position in fall protection and PPE towards a broader safety solutions business. The company plans to pursue acquisitions across complementary product categories, technologies and geographies, while also investing in manufacturing capacity, product innovation 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, KARAM Safety.
The partnership is also expected to strengthen KARAM’s international footprint. Rajesh Nigam, Co-Founder and President, Technical, KARAM Safety, said the association with Motilal Oswal Alternates would help the company expand its global presence while reinforcing its position in the Indian market.
Founded in 1998, KARAM has grown into one of India’s major players in fall protection and personal protection equipment. Its portfolio spans more than 3,800 products, including safety harnesses, lanyards, helmets, safety footwear and equipment for respiratory, hearing and hand protection.
The company has vertically integrated manufacturing facilities in India, South Africa and Brazil and sells across the US, Europe, South America, Africa and Asia-Pacific through four global brands. Its products are exported to more than 140 countries, supported by a workforce of over 4,500 employees.
For Motilal Oswal Alternates, the investment reflects a broader bet on the growth of India’s industrial and manufacturing ecosystem, as workplace safety standards become more stringent and industrial activity expands.
“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.
Bagla added that the safety industry is benefiting from structural demand drivers, including higher workplace safety standards, stronger regulatory enforcement and sustained industrial capital expenditure.
With the new capital, KARAM is expected to pursue an acquisition-led strategy while expanding its product portfolio and manufacturing capabilities. The company’s international presence gives it a base from which to deepen its presence in existing markets and enter new ones.
The transaction also comes at a time when Indian manufacturers are increasingly looking to build global businesses from domestic production bases. KARAM’s combination of in-house manufacturing, product development and overseas distribution gives the company scope to consolidate its position in a fragmented global safety equipment market.
