Comments
Lighthouse Fund, a consumer-focussed private equity fund, has invested ₹160 crore ($22 million) in Duroflex, a mattress manufacturer in South India. The company plans to use the proceeds to fund its expansion plans.
“We plan to utilise the money raised from Lighthouse to fund expansion plans and we are also planning to add more than 500 exclusive business outlets (EBOs) in the near future. 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,” Mathew Chandy, Managing Director at Duroflex, said.
ICICI Securities was the financial advisor to the company for the fund-raise.
Duroflex has five manufacturing facilities located in Tamil Nadu, Telangana and Kerala, manufacturing a wide range of mattresses and polyurethane (PU) foam mattress products.
The company, which sells through more than 3,000 retail outlets, is in the process of expanding its footprint in West and East India. Duroflex is expecting to record a turnover of about ₹450 crore in the current financial year.
Lighthouse is a mid-market PE firm focussed on growth investments in India’s consumer sector. The firm’s current and past investments include Nykaa.com, Bikaji Foods, FabIndia, Cera Sanitaryware, and Kama Ayurveda, among others.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.