Norwest invests $60m in India mattress brand

Durflex claims to have grown 3x since 2018, when it received an approximately $22 million investment from Lighthouse Funds, which realized a partial exit in the latest transaction. The two investors reportedly hold about 30%.

The company, which is best known for the Duroflex and Sleepyhead brands, is said to be the largest omnichannel player in the mattress category, with 33% of its revenue coming from e-commerce. It also has a significant B2B business with clients including the likes of Ikea and Stanley.

The eponymous brand is known for a number of innovations such as a doctor-recommended orthopedic range, experiential showrooms, and Sounds of Sleep, a digital music offering of lullabies marketed as India’s first “sleep content” intellectual property. Sleepyhead is considered a leading online direct-to-consumer mattress brand targeted at digital-native millennials.

Duroflex will use the fresh capital in part to build out technology and automation systems, deepen supply chains, and invest in product development and customer experience. The plan is to grow revenue from INR6 billion ($80 million) in the 2021 financial year to INR10 billion in 2022.

“We will also look at listing over the next 4-5 years. For now, we will continue to grow our business across geographies and categories,” said Mathew Chandy, a managing director at Duroflex, according to The Economic Times. He added that he expects the company to grow 30% year-on-year for the next five years.

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• Topics
• South Asia
• Expansion
• Consumer
• India
• Norwest Venture Partners
• Lighthouse Funds
• manufacturing
• e-commerce