Duroflex, the mattress manufacturing startup has raised $22 million, i.e around INR 160 crores in a funding round led by consumer-focused private equity fund Lighthouse Fund. The startup plans to utilize the fresh capital to expand to new markets across the country and add more than 500 exclusive business outlets throughout India.
Lighthouse Fund has acquired around 25 per cent stake in the startup, according to an Economic Times report. ICICI Securities advised Duroflex for the fundraising.
Founded by PC Matthew, Duroflex manufactures mattresses and PU foam products across five facilities in Kerala, Tamil Nadu and Telangana. Duroflex offers its products to consumers under sub-brands like Duropedic, Natural Living and Energise. All the sub-brands are niche-based and address to the needs of specific consumer groups.
Since its inception, Duoflex has managed to set up a robust distribution network across southern parts of India. With over 3,000 retail outlets selling its products, Duroflex has become a major player in South India.
Mathew Chandy, Managing Director of the Duroflex, said, “We are very excited to have Lighthouse as a partner in our growth journey given their impressive track record of investments in over twenty-five brands. We look forward to their support and guidance as we expand into new markets and try new business strategies. We have been able to build a strong brand in South India on the back of consistent quality and would want to multiply efforts to replicate similar success in our new markets.”
With a strong focus on growth, Duroflex’s revenue is expected to cross the INR 450 crores mark in this financial year. The startup competes with other brands like Sheela Foam, Kurlon, King Koin and several others.
Lighthouse has been constant with its consumer-focused investment since last few years. Some of the firm’s notable investment include Bikaji Foods, FabIndia, Capital Trust, Nykaa, Kama Ayurveda and several others.
