Wednesday, Jan 19, 2022
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Duroflex Raises $60 Million In Funding From Norwest Venture Partners

It had previously raised $22 million (about Rs 16.56 lakh) as growth capital from Lighthouse.

Duroflex Raises $60 Million In Funding From Norwest Venture Partners
Duroflex Raises $60 Million In Funding From Norwest Venture Partners -

Mattress maker Duroflex and its e-sales arm Sleepyhead said it has raised $60 million (about Rs 450 crore) from Norwest Venture Partners.

The latest fundraising is the second external one by Bengaluru-based Duroflex, which, in 2018, had raised $22 million growth capital from Lighthouse. Since then, the company has grown three times through focused retail and online expansion led by its omnichannel brand Duroflex and direct-to-consumer brand Sleepyhead.

According to PTI, Duroflex is the largest omnichannel player in the mattress category with 33 per cent of its revenue coming from e-commerce. It is also a strong business-to-business (B2B) player with marquee clients like IKEA and Stanley, and is now actively pursuing export opportunities.

Sleepyhead is focused exclusively on digital-native millennials and sells only online, said Duroflex Managing Director Mathew Chandy.

The Silicon Valley-based Norwest has invested in a number of technology startups such as Swiggy, Pepperfry, Mensa, Vuori, Udemy, Casper, Calm, Uber, and Spotify.

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