Avendus Capital Advises Duroflex on Its USD 60 mn Fundraise From Norwest Venture Partners

In 2018, we were thrilled to have Lighthouse join our cap table. They brought in their uniquely empathic & growth oriented mindset and high governance standards. This helped us grow the business by 3x. India’s 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 platforms and deeply engage in sleep science. This year, we were formally certified as a ‘Great Place to Work’, and we also want to be a great place to invest. We are excited about our new partnership and our future.

Sleepyhead is focussed on the younger, digitally native millennials 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.

Norwest is delighted to partner with Duroflex, which is a very special company that delivers excellence in everything it does; right from its pan-India manufacturing and distribution network to its sharp focus on product quality, innovation and consumer experience. Its strong
team culture and approach to building a truly omnichannel business is laying the foundation for further scale and a compelling IPO in the future.

Duroflex is a leading player in the sleep solutions space, backed by passionate, nimble-footed promoters and supported by seasoned professionals. It has successfully built an omni-channel business by focusing on quality, innovation, customer insights, differentiated marketing and dexterous execution. Norwest’s investment puts Duroflex in a strong spot from where they can further consolidate their position in the underpenetrated and unorganized Indian mattresses industry.