Mumbai: Motilal Oswal Private Equity managed India Business Excellence Fund has invested Rs.90 crore in mattress maker Kurlon Enterprise Ltd, the fund said in a statement on Tuesday.
Kurlon makes rubberized coir, foam and spring mattresses in India.
The money will be used for capacity addition, expanding the distribution network and for branding and marketing initiatives, the statement said.
The funding will help the company achieve its goal of becoming the largest and the fastest growing mattress and foam manufacturer in the country while continuously improving its market share and strengthening the Kurlon brand, said T. Sudhakar, chairman and managing director at Kurlon.
Established in 1962, the company has a pan-India sales and distribution network supported by four centralized warehouses, 72 sales offices and over 160 exclusive showrooms. The firm works with more than 4,000 dealers and retailers.
Kurlon has nine manufacturing facilities across Karnataka, Gujarat, Madhya Pradesh, Uttarkhand and Odisha.
“Kurlon is one of the most prominent, as well as the most endearing mattress brand and is poised to benefit from the changing consumption pattern of Indians, driven by increased brand awareness and higher spending capabilities,” said Vishal Tulsyan, managing director and chief executive at Motilal Oswal Private Equity.