Kurlon Enterprise is a India’s largest manufacturer and supplier of foam mattresses. Set up in 1962, Kurlon offers a wide range of home comfort solutions ranging from mattresses (RC mattress, spring mattress and foam mattress), polyurethane foam, and home furniture and furnishing products.
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Kurlon Enterprise is likely to come out with IPO soon. In December 2016, number 2 player from the industry Sheela Foam was listed on the bourses. Its shares have almost doubled after listing. In October 2015, Motilal Oswal Private Equity Investment Advisors (MOPE) has invested Rs 90 crore in Kurlon Enterprise.
Kurlon has a strong Pan-India sales and distribution network supported by 4 centralised warehouses, 72 area sales offices, 160 exclusive showrooms and more than 4000 dealers and retailers. The company also has nine manufacturing units across five states — Karnataka, Gujarat, Madhya Pradesh, Uttarakhand and Odisha.
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It currently has 10,000 dealers and 72 offices across 2800 towns in India. Currently, it manufactures from seven facilities including two each in Bangalore and Tumkur besides those in Bhuwaneshwar, Gwalior and Uttaranchal.
In September 2015, Motilal Oswal Private Equity Advisors (MOPE), the PE arm of Motilal Oswal Financial Services, invested Rs 90 crore (about $13.5 million) in Kurlon.
The mattress industry size is roughly about Rs 5000 crore and Kurlon is three times the size of its nearest competitor Sheela Foam Pvt Ltd, the Sleepwell brand Other major players include Duroflex India and Coirfoam (India) besides international labels.
Sheela Foam came out with IPO recently and its shares saw good demand from investors in primary and secondary markets.
Kurlon was earlier known as Karnataka Consumer Products Ltd and was set up in 1962 by Ramesh Pai and is a part of the Rs 2,000 crore Manipal Group of Companies, which has interests ranging from education, healthcare and financial services.