Mattress maker Duroflex has appointed Rajat Rastogi as its chief financial officer (CFO) as the company eyes on going public in the next 3-4 years.
Rastogi, who previously was the head of finance in the business-to-business (B2B) marketplace startup Udaan will be overseeing the finance and accounting of Duroflex.
As the CFO, Rastogi will be handling the FP&A & controllership functions, leading funding discussions, and developing the company's financial strategy.
Commenting on his appointment, J Mohanraj J, chief executive officer of, Duroflex said, “His experience across multiple industries will contribute to our growth and help us develop a roadmap for our IPO.”
“I look forward to working with the team and collaborating with internal and external stakeholders to aid the company's growth and path to profitability,” said Rastogi while commenting on his new role.
Duroflex, which also operates the brand Sleepyhead, raised $60 million (Rs 451 crore) in a funding round led by Norwest Venture Partners in October 2021.
The mattress market, which is highly unorganized in India, has players such as Sleepwell, The Sleep Company, and Kurl-on.
Several players in the mattress market have secured funding from institutional investors in the recent past. In November 2021, Wakefit raised Rs 200 crore (around) $27 million) in its Series C round of funding led by SIG Global, operated by US-based quantitative trading firm Susquehanna International Group. VCCircle, in December, had reported that the mattress maker is set to raise nearly $45 million in an equity funding round led by Bahrain’s alternative investment firm Investcorp.
In November 2022, mattress startup The Sleep Company, raised Rs 177 crore (around $21.3 million) in a Series B round led by Premji Invest and Fireside Ventures. The round also saw participation from venture debt fund Alteria Capital.
