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Exclusive: Lighthouse-backed Duroflex converts into public company

EntrackrEntrackr · 5m ago
Exclusive: Lighthouse-backed Duroflex converts into public company
Medial

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.

Wakefit secures SEBI nod for IPO

EntrackrEntrackr · 4m ago
Wakefit secures SEBI nod for IPO
Medial

Wakefit secures SEBI nod for IPO Home and sleep solutions startup Wakefit Innovations has received regulatory approval from SEBI to proceed with its initial public offering (IPO). The IPO comprises a fresh equity issue of Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore shares by promoters and existing investors. Promoters Ankit Garg and Chaitanya Ramalingegowda, along with investors such as Peak XV, Verlinvest, Investcorp, Redwood Trust, SAI Global, and Paramark, are expected to offload part of their holdings. Ahead of the IPO, the co-founders were allotted around 2.6 million shares through a rights issue. Elevation Capital also acquired about 2.03 lakh shares from employees at Rs 1,600 per share but is not participating in the OFS. Wakefit plans to list on NSE and BSE, with Axis Capital, IIFL Capital, and Nomura as lead managers. The company will use the fresh issue proceeds to open new stores, purchase equipment, fund marketing, leases, and meet general corporate requirements. Founded in 2016, Wakefit operates as a direct-to-consumer (D2C) brand focused on sleep and home solutions. Its product portfolio spans mattresses, pillows, furniture, and other home improvement goods, sold through its website, offline stores, and third-party marketplaces. In the first nine months of FY25, Wakefit reported Rs 971 crore in revenue and a net loss of about Rs 9 crore. SEBI has also approved Lenskart’s IPO alongside Wakefit. The two join a growing list of companies that recently received the regulator’s nod to go public, including boAt, Capillary Technologies, Groww, and Pine Labs.

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