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Exclusive: Lighthouse-backed Duroflex converts into public company

EntrackrEntrackr · 1m 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.

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Exclusive: Captain Fresh lines up debt funding before public listing

EntrackrEntrackr · 3m ago
Exclusive: Captain Fresh lines up debt funding before public listing
Medial

Exclusive: Captain Fresh lines up debt funding before public listing B2B seafood supply chain company, Captain Fresh is raising Rs 45 ($5.3 million) in debt funding from Lighthouse Canton and Stride Ventures ahead of its planned initial public offering (IPO). The Bengaluru-based company recently transitioned into a public entity, as exclusively reported by Entrackr a couple of weeks ago. As per its filings with the Registrar of Companies (RoC), Captain Fresh’s board has passed resolutions to issue 4,500 non-convertible debentures (NCDs) with a face value of Rs 1,00,000 each to raise the aforementioned amount. Notably, the company has already received Rs 30 crore from Lighthouse Cantor, with the remaining amount expected to follow shortly. The Tiger Global-backed company reportedly plans to file its IPO papers in mid-August and is in talks to raise $50–75 million in a pre-IPO round ahead of its proposed $400 million initial public offering. It has also roped in Axis Capital and Bank of America (BofA) as lead bankers for the issue. Founded in 2019 by Utham Gowda, Captain Fresh is a multi-species seafood brand that provides a platform for sourcing and supplying animal protein, including fish, crabs, lobsters, and other seafood. According to the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including a $30 million pre-IPO round in January this year from Prosus, Accel, Tiger Global, and others. Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus are some notable investors for Captain Fresh. While the company has yet to disclose its FY25 numbers, Captain Fresh’s gross revenue (GMV) rose 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also reduced its net loss by 22%, bringing it down to Rs 229 crore in the same period.

Info Edge-backed NoPaperForms converts into public company

EntrackrEntrackr · 3m ago
Info Edge-backed NoPaperForms converts into public company
Medial

Info Edge-backed NoPaperForms converts into public company Info Edge-backed NoPaperForms, the parent company of Meritto, has converted into a public entity and is gearing up for a stock exchange listing soon. The board of NoPaperForms has approved a resolution to change its status to a public company and rename it from "NoPaperForms Solutions Private Limited" to "NoPaperForms Solutions Limited”, according to its regulatory filing accessed from the Registrar of Companies (RoC). The Gurugram-based SaaS company has reportedly roped in IIFL Capital and SBI Capital as its investment bankers. As per the media reports, NoPaperForms expects to file for an Initial Public Offering (IPO) worth Rs 500-600 crore at a valuation of Rs 2,000 crore ($235 million) by the end of 2025. Founded in 2017 by Naveen Goyal, NoPaperForms is a vertical SaaS and embedded payments platform for educational institutions. NoPaperForms offers range of services through two flagship products, “Meritto”, which helps educational institutions manage student recruitment, leads, applications, communication, and analytics in one place, and “Collexo”, a payment and fee management system that makes it easy to collect fees, offer flexible payment plans, and track finances in real time. According to startup data platform TheKredible, Info Edge currently holds a 47.9% stake followed by founder Naveen Goyal, who owns 30.17% stake. NoPaperForms turned profitable in the fiscal year ended March 2024, posting a Rs 4 lakh profit compared to a Rs 15.6 crore loss in FY23, driven by a 45% jump in operating revenue from Rs 48 crore to Rs 70 crore in FY24. With this conversion, NoPaperForms will join the growing list of Indian startups that recently converted into public companies including Amagi, Dairy company Milky Mist, fintech majors PhonePe, Pine Labs, Razorpay, and Meesho, which also filed its DRHP after recently completing its reverse flip.

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