Sheela Foam, one of the biggest mattress manufacturers in India, would shortly purchase Kurl-on for $241 million.Under the name Sleepwell, mattresses are sold by Sheela Foam in Ghaziabad.
According to an ICICIdirect analysis, it controls a market share of around 25% of the Rs 17,000 crore organised mattress category.
According to media sources, the combined company will hold a market share of 35–40% in India’s organised mattress sector.The brokerage further stated that between 2021–2022 (FY22) and 2025–2026, the mattress industry is anticipated to increase at a compound annual growth rate of 12%.
Sudhakar Pai, chairman and managing director of Kurl-on, has been seeking a successor.This occurs at a time when other market participants like Duroflex, Springwell, and The Sleep Company, according to several media reports, have raised money from private equity (PE) groups during the past few years.
In FY21, Kurl-net on’s profit decreased from Rs 9.7 crore in FY20 to Rs 6.1 crore. Additionally, from Rs 114.7 crore in FY20 to Rs 71.9 crore in FY21, its net sales decreased.
Shares of Sheela Foam, the only listed mattress manufacturer in the nation, increased as much as 5% to Rs 1,338 in the wake of the story. On the BSE, they closed 1.75 percent higher at Rs. 1,296.95 per unit.
