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.