Ananta Capital acquires majority stake in mattress maker Springwel
- ByStartupStory | July 1, 2022
Ananta Capital, a sector-agnostic investment company, has purchased the majority of the stock of Springwel Mattresses Pvt. Ltd., a manufacturer of mattresses and sleep products. Ananta Capital, a private equity firm supported by the Mumbai-based Taparia family of Famy Care Group, has closed its second deal this week.
On June 28, the private equity platform, which is supported by the Taparia family of Mumbai (Famy Care Group), led a $10 million investment in the startup company Open Secret for healthy snacks. However, the latest deal’s financial details remain a secret. In India, Springwel manufactures and sells mattresses, home furnishings, and foam for industrial use. The business also manages a pan-India network of more than 1,000 dealers and distributors in addition to operating over 75 exclusive brand shops.
Ramprakash Marwah and Paramjeet Singh Chhabra, two of Springwel’s founding members, claimed that after 25 years of building and expanding the company, they were looking for like-minded investors with whom they might form a long-term alliance.
The 1996-founded company will use the funds for EBOs and distribution growth, a stepping-up of online sales channels, the introduction of new, cutting-edge items, and technology advancement. It states that the company is on track to produce Rs 300 crore in revenue during the fiscal year 2022–2023. A controlling share in the D2C beauty and personal care business Bella Vita Organic had been bought by Ananta Capital. The Guardian Pharmacy network and the master franchise of the GNC company in India are both owned by the Taparia Family.
“Our objective is to focus more on the personal care and home improvement sectors in India and to leverage the digital channel as the engine of hypergrowth for all of these industries. In order to maximise synergies amongst our consumer brand companies,” Sanjeev and Ashutosh Taparia, members of the Taparia family and managing partners of Ananta Capital, announced that we are considering making additional acquisitions in these areas.
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