Kurlon gets funding from Motilal Oswal

Kurlon Ltd, which sells mattresses under the brand Kurl-on, has raised about Rs 90 cr from Motilal Oswal Private Equity Advisors Pvt Ltd, the PE arm of Motilal Oswal Financial Services Ltd. As per the report, MOPE will invest Rs 70 cr into the firm through subscription to fresh securities and buy shares worth Rs 20 cr from the Kurl-on promoters.

The proceeds will be utilised for investing in capacities, deepening the distribution network and brand enrichment. Founded in 1962 by Ramesh Pai, Kurlon is a part of the Rs 2,000 cr Manipal Group of Companies. It is engaged in the manufacturing of rubberised coir mattresses, spring mattresses foam and foam products, furniture and home furnishings. The company has manufacturing facilities for rubbersied coir in Bangalore, Bhubaneswar and Gwalior, Polyurithene manufacturing facility at Dabaspet (Karnataka) and Roorkee(Uttaranchal), and Jagadia in Gujarat, spring manufacturing facility at Bangalore, Gwalior and Gujarat and outsources production of Pillows, Kurlomat, Textiles, Furnishings and Furniture apart from sofa manufacturing unit at Dabaspet and a furniture manufacturing unit at Bangalore.

It has a pan India sales and distribution network supported by four centralised warehouses, 72 area sales offices, over 160 exclusive showrooms with more than 4,000 dealers and retailers.

MOPE is managing two growth capital funds - India Business Excellence Fund (IBEF) and India Business Excellence Fund II (IBEF II) - focused on providing growth capital to midmarket companies, typically in the range of USD 10-20 million, across sectors. It has raised around Rs 950 cr under IBEF II growth capital fund. Currently, investments are being made through IBEF II.