Motilal Oswal commits $13.8m to India's Kurlon
Motilal Oswal Private Equity (MOPE) has invested INR900 million ($13.8 million) in Indian mattress maker Kurlon Enterprise.
Kurlon will use the capital to grow its manufacturing capacity and deepen its distribution network, along with enhancing brand recognition, according to a statement. The company hopes to become the biggest and fastest-growing mattress and foam manufacturer in the country.
Founded in 1962, Kurlon is one of India's oldest mattress companies. Its products include spring, rubberized coil and foam mattresses, along with furniture and polyurethane foam products. The company maintains nine manufacturing centers, 72 sales offices and over 160 exclusive showrooms, and has relationships with more than 4,000 dealers and retailers across India.
MOPE's investment came from its India Business Excellence Fund (IBEF) II, which launched in 2011 and closed in 2013 at $155 million. Like the previous fund, IBEF I, this fund is focused on opportunities in domestic consumption, financial services, healthcare, manufacturing and infrastructure services.
Investments from IBEF II include a INR400 million commitment to pharmaceutical developer Arinna Lifesciences in February, and a INR1.2 billion investment in housing credit provider Shubham Housing Development Finance Company in 2014.
The firm is set to part exit its stake in dairy products producer Parag Milk Foods in its IPO. MOPE invested $14.1 million in the company in 2009, later exiting a portion of its stake to IDFC.
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