Mattress maker Duroflex, which has filed its IPO papers with Sebi to raise funds, is looking to accelerate its omnichannel and innovation push as it eyes its next phase of growth, Jacob George, CMD of the company said in a conversation with FE. Duroflex counts Sheela Foam, best-known for its Sleepwell and Kurl-On mattresses, and Wakefit, both listed players, among its rivals.
The Rs 1,134-crore company, which saw profit grow over four times in FY25 to Rs 47.16 crore, derives about 18% of its business from online channels, George said. This number is expected to surge, he says, as the company plans launch of 120 stores from the IPO proceeds and looks to drive up its digital presence with flagship Duroflex as well as D2C brand Sleepyhead.
Duroflex’s fundraising plans
As of June 30, 2025, the firm had 73 company-owned-company-operated stores and a presence in over 5,500 general trade stores, according to its DRHP. It plans to raise Rs 184 crore in fresh issue by the end of calendar 2026. The IPO will also comprise an offer for sale (OFS) of over 22.5 million shares by promoters and existing investors.
While Sleepyhead retails between Rs 10,000-20,000 per mattress; Duroflex falls in the mid to premium range, going from Rs 20,000-50,000 a mattress.
“Replacement cycles are crunching, lifestyles are changing and people want better sleep solutions,” Goerge said. “Our endeavour is to address the changing needs of consumers.”
Roll out of new mattresses
The company is currently rolling out new mattresses under the Duropedic range of Duroflex using its proprietary sleep technology called AirBoost, aimed at providing maximum comfort and rest during the sleep cycle. This product is part of a broader push, Jacob says, into creating differentiated products that can enable premiumisation and margin resilience through IP-led products.
The company is also looking to double contribution from other categories, such as recliners sofas, beds, pillows and accessories, as it eyes a more well-rounded portfolio of products. These segments contribute about 15% to sales now, according to industry experts, with the bulk of the company’s topline coming from mattresses (85%).
While global mattress sales have slowed since the height of the Covid-19 pandemic, when people spent to upgrade their bedrooms, in India, the shift from unbranded to branded products, greater awareness among people as well as the entry of D2C brands has raised prospects for the organised market.
Industry estimates peg growth rate of the organised mattress market in India at 10% per annum between 2025 and 2030 from 8.5% in the last five years. The overall market size will likely touch Rs 27,000 crore in the next five years from Rs 16,000 crore now, according to industry experts.