Pan-India growth, private investments helped us become IPO-ready after 60 years: Duroflex

The company’s evolution from a regional manufacturer to a national competitor was achieved by meeting certain internal criteria. “When we started the business, we had certain milestones in mind before going public, including national expansion, revenue growth and business touchpoints,” Jacob George, president and chief executive of Duroflex Group, said in an interview.

“The majority of our growth has occurred in the last 10-12 years. In fact, we have grown 20% in the last five years alone. We have achieved many milestones and we believe the timing is right,” he said.

According to CEO Sridhar Balakrishnan, the entry of two prominent private equity investors, Lighthouse Funds and Norwest Venture Partners, has enabled the firm to aggressively explore and embrace new technologies to innovate in a crowded market. Duroflex Group.

Lighthouse invested $22 million in 2018, while Norwest led a $60 million funding round in October 2021.

Duroflex is gearing up for a public listing soon. ₹185 crore new issue and 2.2 crore offer for sale of shares (OFS). While promoters Jacob Joseph George, Mathew George, Mathew Chandy and Mathew Antony Joseph will distribute their shares, investors will also distribute their shares. Lighthouse India Fund III Ltd and Lighthouse India III Employee Trust will also allocate their shares as per the draft prospectus.

Legacy in sleep innovations

Duroflex Group was established in 1963 in Kerala as a small manufacturer specializing in rubber coir mattresses. Building on the region’s deep connection to natural rubber and coconut fiber, the business has grown steadily through distributor-led expansion and a focus on durability. Over the decades, Duroflex has grown from a regional mattress brand to a national sleep solutions company; It expanded its portfolio to include foam mattresses, pillows and sleep accessories and remained largely family-owned before expanding to institutional capital in recent years.

Duroflex’s planned listing follows that of its rival Wakefit Innovations was launched. ₹Approximately 1,300 crore IPO for the company in December 2025 ₹6,300 crore at the bid price. The public launch of another major player in India’s sleep and home segment underscores growing investor interest in the sector and sets a benchmark for valuations and market appetite.

However, competitive intensity in the segment is increasing with many players such as Wakefit, ChrysCapital-backed The Sleep Company, Pepperfry and Furlenco owner Sheela Foam vying for better market and consumer mindset share.

The bedding and furniture industry remains largely unorganized, with a significant portion of demand still met by local manufacturers and neighborhood retailers. Fragmented distribution and price-driven competition continue to define the market even as organized players push for consolidation through scale, standardization and broader omni-channel reach, according to Datum Intelligence analyst Satish Meena.

But Duroflex doesn’t seem to be worried about the market being crowded. “We respect the competition because consumers are increasingly shifting from unorganized to organized retail,” said CEO Balakrishnan.

“Today, the size of the mattress market is approximately ₹16,000 crore. For sofas and beds it is much larger. There is enough space for more players to come,” said chairman George.

Trust mattress sales

Duroflex’s operating income in FY25 ₹1,134 crore while profit after tax is ₹against 47 crore ₹11 crore in the previous year.

More than half of Duroflex’s revenue in FY25 came from mattress sales, according to executives, and the firm has a pipeline to add more innovation to the materials. It recently launched Airboost, a new mattress material consisting of an interconnected network of over 1 lakh shock-absorbing fibres, designed to reduce sleep disturbances and increase breathability. Cost of a queen size Airboost mattress ₹42,000.

It is also working to expand its furniture portfolio, which consists of everyday items like sofas and recliners that currently have a single-digit revenue share but are growing rapidly. “On the consumer side of the business, beds will continue to grow, but we plan to meaningfully and rapidly grow other adjacent areas over the next few years,” Balakrishnan said.

The last decade has also taught Duroflex: About 17% of revenues in FY25 come from e-commerce channels, according to draft documents. Balakrishnan said the firm hopes to invest more in identifying new retail touchpoints to strengthen its omnichannel presence.