Duroflex raises $60 million from Norwest Venture Partners
- ByManjeet Singh | October 15, 2021
‘Duroflex Pvt Ltd,’ a company with two major brands, Duroflex and Sleepyhead, reported raising $60 million (Rs 451 crore) from Norwest Venture Partners on Thursday.
Managing director of Duroflex Mathew Chandy said that Norwest’s investment in Duroflex will enable them to scale their business nationally, increase direct to consumer (D2C) sales and digital distribution, and also deepen their engagement with sleep science.
Duroflex had previously raised Rs 160 crore ($22 million) from mid-market consumer-focused private equity firm Lighthouse Advisors Pvt. Ltd in 2018.
Managing director at Norwest, Shiv Chaudhary, commented that Duroflex’s team culture and omnichannel strategy are building the foundation for further growth and an IPO in the future.
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