Lighthouse Fund, India’s leading consumer-focused private equity fund, has invested Rs. 160 cr ($22 mn) in Duroflex, a dominant mattress player in South India. Duroflex plans to utilise the money raised from Lighthouse to fund its expansion plans by adding over 500 exclusive business outlets (EBOs) in West and East India in the near future.
Duroflex has five manufacturing facilities located in Tamil Nadu, Telangana and Kerala which manufacture a wide range of mattresses and PU foam products. It has a robust distribution network across South India, selling at more than 3,000 retail outlets. The company offers a wide array of products under sub-brands such as Energise, Duropedic and Natural Living addressing the needs of specific consumer groups. The company is expecting a turnover of over Rs. 450 cr in the current financial year.
“We are very excited to have Lighthouse as partner in our growth journey given their impressive track record of investments in over twenty-five brands. We look forward to their support and guidance as we expand into new markets and try new business strategies. We have been able to build a strong brand in South India on the back of consistent quality and would want to multiply efforts to replicate similar success in our new markets,” said Mathew Chandy, Managing Director, Duroflex.
“We are pleased to become partners with Duroflex and help them in their journey as they grow to the next level. We really appreciate various initiatives undertaken by the management to increase the market share led by product innovations and new launches over the last few years. We are very excited by the growth opportunity ahead of the company,” added Sachin Bhartiya, Partner at Lighthouse.