India: Mattress maker Duroflex raises $60m from Norwest Venture Partners

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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.”

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.