This is the second external fundraising by Bengaluru-based
Duroflex, which, in 2018, had raised $22 million growth capital from
Lighthouse. Since then, it has grown three times through focused retail and
online expansion, led by its omnichannel brand Duroflex and direct-to-consumer
brand Sleepyhead. Today, Duroflex is the largest omnichannel player in the
mattress category, with 33 per cent of its revenue coming from e-commerce.
Duroflex is also a strong business-to-business (B2B) player
with marquee clients such as 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.
Duroflex, with over 50 years of expertise, has led some
category-first innovations like doctor-recommended orthopaedic mattress range,
world-class experience centres focused on shopper experience and education, and
creating the country’s first sleep content IP, sounds of sleep.
The Silicon Valley-based Norwest has invested in a number of
large technology companies focused on consumers including Swiggy, Pepperfry,
Mensa, Vuori, Udemy, Casper, Calm, Uber, and Spotify.
Duroflex launched Sleepyhead in 2017 to cater to the
ever-growing demand for mattresses online, especially among first-time
consumers, and the brand is rapidly expanding into other categories. One of the
salient features of the brand is ‘100 days free trial’ that, too, at
comfortable prices.
Sleepyhead co-founder Mathew Joseph said the
brand is focused on the younger, digitally native millennials who are now
coming into the workforce. “In future, our focus will be to strengthen the
non-mattress category that includes beds, sofas, and sleep accessories.” Courtesy:
www.thehindubusinessline.com
