IPO-bound Duroflex steps up North and West push, bets on house-of-brands strategy

Bengaluru-based sleep and comfort solutions maker Duroflex is accelerating its expansion in northern and western India, leveraging a multi-brand strategy to reduce its dependence on southern markets and tap premium growth opportunities, according to Chairman and Managing Director Jacob George.

The IPO-bound company, which has traditionally drawn a majority of its revenue from southern India, is now focused on building a more balanced, pan-India presence. While the South still accounts for nearly 65% of its topline, markets outside the region contribute about 30–35% of revenues and are growing faster, George said.

To support this expansion, Duroflex acquired a manufacturing facility in Indore during the peak of the Covid-19 lockdown to serve western, central and northern markets, including Delhi NCR. The plant has since become a key pillar of the company’s supply chain. “Those facilities are doing extremely well and are comparable with global manufacturing standards,” George said.

Duroflex currently operates 73 company-owned, company-operated (COCO) stores and has a presence across more than 5,500 trade outlets nationwide. The company plans to significantly scale this footprint as part of its growth roadmap.

Beyond its core mattresses and pillows business, Duroflex is expanding into adjacent categories such as recliners, sofas, upholstered beds and smart beds. It has also introduced a new mattress range built on its proprietary ‘AirBoost’ technology, which uses an air-filament architecture with over one lakh micro-support points designed to adapt to body movement.

A key pillar of Duroflex’s strategy is its house-of-brands approach, aimed at addressing India’s diverse consumer segments without diluting individual brand identities. At the value end, the company operates Perfect Rest, while Duroflex caters to the mid-premium and premium segments. Super-premium offerings are positioned under brands such as Wave and Neuma, alongside Sleepyhead for younger, digital-first consumers.

“The Indian market is clearly segmented by price points. With a house of brands, we can play across segments without stretching or weakening any single brand,” George said, adding that the strategy allows the company to address a wider audience while maintaining strong brand equity.

The approach has also supported profitability. Over the last three years, Duroflex’s EBITDA has risen from about ₹57–58 crore in FY23 to nearly ₹98 crore in FY25, driven by premiumisation and operating leverage, according to the company.

Duroflex filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) in October last year. Proceeds from the proposed IPO will be used to open around 120 new COCO stores, meet lease-related obligations, fund marketing and brand-building initiatives, and support general corporate purposes.

Founded in 1963, Duroflex is among India’s top three mattress companies by market share, with operations spanning mattresses, foam, furniture, pillows, accessories and other bedding products.