Business

Mattress maker Duroflex raises $60 million from Norwest

MUMBAI: Mattress maker Duroflex has raised $60 million from investment firm Norwest Venture Partners for its house of brands – Duroflex and Sleepyhead. Norwest, based in Silicon Valley, has invested in several large tech-first consumer companies including Swiggy, Pepperfry, Mensa, Vuori, Udemy, Casper, Calm, Uber, and Spotify.

The company operates its business under two main brands Duroflex and Sleepyhead. Avendus Capital advised on the fund raise. 

In 2018, Duroflex had raised growth capital of $22 million from Lighthouse Funds. Since then, the company has grown 3 times through focused retail and online expansion led by its omni-channel brand Duroflex and D2C brand Sleepyhead, the company said in a statement.

Duroflex is the largest omnichannel player in the mattress category with 33% of its revenues coming from e-commerce, the statement said. Duroflex is also a strong B2B player with marquee clients like Ikea, Stanley and is now actively pursuing export opportunities. Sleepyhead is a online mattress brand focussed exclusively on digital-native millennials.

“The economic recovery has indeed been “K shaped”, and we are fortunate to be on the right side of this recovery. In Norwest, we found a similarly empathic investor who also has deep roots in innovative Silicon Valley and a strong technology focus. Their capital and experience will be invaluable as we scale our business nationally, penetrate via D2C and digital, and deeply engage in sleep science,” said Mathew Chandy, managing director, Duroflex.

Launched in 2017, Sleepyhead caters to the growing demand for mattresses online especially among first-time consumers.

Mathew Joseph, co-founder, Sleepyhead, said, “Sleepyhead is focussed on the younger, digitally native millennials and Gen Z who are now coming into the workforce. Our products, prices, and experiences cater to their ever-evolving needs making us one of the leading brands in the D2C space. Our future focus is to strengthen our non-mattress category which includes beds, sofas, and sleep accessories.”

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