Other Private Equity/Strategic Investments
Sheela Foam to invest Rs.300-Cr in Furlenco for 35% stake
Press Release BSE Announcement
Publicly listed Sheela Foam Ltd, the maker of mattress brand Sleepwell, is to make a primary cash infusion of INR 300 crore in online furniture firm House of Kieraya Pvt Ltd (which operates under the brand Furlenco) in return for a 35% stake. Furlenco has a strong online presence and operates in Bangalore, Mumbai and Delhi NCR. Its turnover in last three years were FY21: INR 84 Cr; FY22: INR 129 CR and FY23: INR 152 Cr (unaudited) The investment of Furlenco is expected to give Sheela an entry into the branded furniture market. The investment would also create synergies by selling input products such as foam, etc., by Sheela Foam to manufacture Furlenco products. Its exclusive stores may be made available with Furlenco furniture offerings. Sheela Foam-Furlenco can also offer Refurbishment as a Service (RaaS) for furniture.
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