Duroflex Raises $60 Million Led by Norwest Ventures Firm

Duroflex, a mattress maker pumped fund $60 million (around INR 450 crore) from Norwest Venture Partner for its brand — Sleepyhead and Duroflex. Norwest Venture, a Silicon Valley-based firm has invested to numerous tech start-up including Vuori, Pepperfry, Casper, Swiggy Spotify, Mensa, Uber, Udemy and Calm.

The company functions its business under two brands Sleepyhead and Duroflex.
The company said that Duroflex has expands 3 times since fund raising of $22 million from Lighthouse in 2018 through managing online and offline business of Sleepyhead and Dureflex.

Duroflex is the largest omni channel business in the mattress making category with 33 per cent of income coming from e-marketing. It is also a B2B business with marquee clients like Stanley and IKEA and is now expanding their business globally.

Mathew Chandy, managing director of Duroflex said, “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”.

The co-founder of Sleepyhead, Mathew Joseph said, “Sleepyhead is focussed on the younger, digitally native millennial 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”.