Exclusive: Lighthouse-backed Duroflex converts into public company

Joining the ranks of various late-stage startups, sleep solutions company Duroflex is preparing for an initial public offering (IPO) and has taken a concrete step by converting its holding firm into a public limited entity.

The board at Duroflex passed a special resolution to change its status to a public company and rename it from "Duroflex Private Limited” to “Duroflex Limited”, according to its regulatory filing.

According to media reports, Duroflex is aiming to list on Indian stock exchanges by the end of the next calendar year (2026).

The company’s IPO will include both a fresh issue of equity shares and an offer for sale (OFS), according to the filing.

Founded in 1963, Duroflex is an omnichannel mattress player selling mattresses, furniture, bed linen, pillows, and accessories via its website, offline stores, and platforms like Amazon and Flipkart. Its other brand, Sleepyhead, is a D2C online mattress label targeting young buyers.

According to startup data intelligence platform TheKredible, the Kerala-based company has raised over $80 million to date, with Norwest Venture Partners and Lighthouse among its lead investors.

In FY24, Duroflex’s operating revenue remained flat at Rs 1,095.3 crore, while its profit slipped to Rs 11.2 crore. Importantly, the firm posted a loss of Rs 15.47 crore in the previous fiscal year (FY23).

Duroflex competes with other sleep solutions players such as Wakefit, which recently filed its DRHP with SEBI to raise Rs 468 crore through a fresh issue. It also faces competition from The Sleep Company, which recently raised Rs 480 crore, as well as traditional players like Sheela Foam.