Duroflex Group Prepares for Public Debut After Six Decades of Private Operation
After more than sixty years as a privately held, family-run enterprise, mattress manufacturer Duroflex Group believes the time is ripe to enter the public markets. Top executives have revealed that the company's transformation from a regional player to a national contender was fueled by achieving specific internal milestones and strategic private investments.
Strategic Milestones and Expansion Drive IPO Readiness
Jacob George, Chairman and Managing Director of Duroflex Group, outlined the company's journey. "When we started the business, we had certain milestones in mind before we went public, including national expansion, revenue growth, and trade touchpoints," he stated. "A lot of our growth happened in the last 10-12 years. In fact, we grew 20% in the last five years alone. We have met a lot of milestones, and we believe that the timing is just right."
The company, founded in 1963 in Kerala as a small manufacturer specializing in rubberized coir mattresses, has evolved significantly. Leveraging the region's natural resources, Duroflex built a reputation for durability and steadily expanded through distributor networks. Over the decades, it has broadened its portfolio to include foam mattresses, pillows, and various sleep accessories, transitioning into a comprehensive sleep solutions brand.
Private Equity Infusion Accelerates Innovation and Growth
A pivotal factor in Duroflex's recent acceleration has been the entry of key private equity investors. Sridhar Balakrishnan, Chief Executive Officer of Duroflex Group, emphasized their role. Investments from Lighthouse Funds and Norwest Venture Partners enabled the firm to aggressively pursue research and adopt new technologies, crucial for innovating in a competitive market.
Lighthouse invested $22 million in 2018, while Norwest led a substantial $60 million funding round in October 2021. This capital injection has been instrumental in funding technological advancements and supporting the company's national expansion strategy.
IPO Details and Market Context
Duroflex is now gearing up for its initial public offering, aiming to raise as much as ₹185 crore through a fresh issue and an offer for sale (OFS) of 2.2 crore shares. Promoters and early investors, including Lighthouse India Fund III Ltd and its employee trust, will pare their stakes as part of the process.
This move follows the successful IPO of rival Wakefit Innovations in December 2025, which raised ₹1,300 crore and valued the company at approximately ₹6,300 crore. The public debut of another major player highlights growing investor interest in India's sleep and home solutions sector, setting a valuation benchmark.
Navigating a Competitive and Fragmented Landscape
The mattress and furniture market in India remains largely unorganized, with significant demand still met by local manufacturers and neighbourhood retailers. However, organized brands like Duroflex, Wakefit, The Sleep Company (backed by ChrysCapital), Pepperfry, and Sheela Foam are increasingly vying for market share.
Satish Meena, an analyst at Datum Intelligence, notes that "fragmented distribution and price-led competition continue to define the market, even as organized players push for consolidation through scale, standardization and wider omnichannel reach."
Despite the crowded arena, Duroflex executives express confidence. "We respect competition because the movement of consumers from unorganized to organized retail increases," said CEO Balakrishnan. Chairman George added, "The market size for mattresses today is about ₹16,000 crore. And it’s much bigger for sofas and beds. There is enough room for more players to come in."
Financial Performance and Future Strategy
Duroflex's operating revenue for FY25 stood at ₹1,134 crore, with profit after tax surging to ₹47 crore from ₹11 crore in the previous year—a more than fourfold increase. More than half of the revenue continues to come from mattress sales, but the company is actively diversifying.
It recently launched Airboost, an innovative mattress material featuring an interconnected mesh of over 1 lakh shock-absorbing fibres, designed to enhance breathability and reduce sleep disruptions. A queen-size Airboost mattress is priced at ₹42,000.
The firm is also expanding its furniture portfolio, including sofas and recliners, which currently accounts for a single-digit revenue share but is growing rapidly. "In the consumer side of the businesses, mattresses will continue to grow, but we also intend to grow the other adjacencies meaningfully and fast in the next few years," Balakrishnan noted.
E-commerce has become a significant channel, contributing nearly 17% of revenues in FY25. Duroflex plans to invest further in identifying new retail touchpoints to strengthen its omnichannel presence, aiming to capture a larger share of the evolving home-solutions market.
