Lighthouse Advisors Pvt Ltd, a mid-market consumer-focused private equity firm, has invested Rs 160 crore in Duroflex, a mattress manufacturer which has a strong presence in south India.
The funds raised will be used by Duroflex to expand to new markets across India. The mattress company is also planning to add more than 500 exclusive business outlets in the near future.
Founded by PC Mathew in 1963, Duroflex manufactures a wide range of mattresses and polyurethane foam products. The company's products are sold at over 3,000 retail outlets across south India.
Mathew Chandy, Managing Director of Duroflex, said, "We are very excited to have Lighthouse as a partner in our growth journey given their impressive track record of investments in over twenty-five brands. We look forward to their support and guidance as we expand into new markets and try new business strategies. 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."
Sachin Bhartiya, Partner at Lighthouse, added, "We are pleased to become a partner in Duroflex and help them in their journey as they grow to the next level. We really appreciate various initiatives undertaken by the management to increase the market share led by product innovations and new launches over the last few years. We are very excited by the growth opportunity ahead of the company."