Mattress maker Kurl-on is looking at possible acquisitions to transform itself into a home furnishings company. Confirming this, a senior official of the Bengaluru-based company on Thursday said it was in talks with a home furnishing and a kitchenware company for a possible acquisition.
“Our idea is to convert Kurl-on from a mattress company into a complete home furnishing platform. For this, we are looking at acquisitions,” said Sudhakar Pai, chairman and managing director, Kurl-on.
The Motilal Oswal-backed firm, which has already entered the sofa segment, is looking at kitchen, bathware and bedroom furnishing in an aggressive way.
Kurl-on has also introduced themed mattresses for the wedding season.
Earlier this year, Kurl-on had acquired US-based brand Spring Air, which specialises in orthopedic beds, for an undisclosed amount.
Pai said, the company is expanding its capacity by adding a new manufacturing plant at a cost of Rs 100 crore by the end of this year which will come up in the in the Northeast. This plant will increase the manufacturing capacity of the company by 15 per cent. Kurl-on currently has 12 units for mattress, foam and sofa manufacturing located across India.
The company is also looking at foraying into international markets for which it is scouting for partners in South East Asia and China. “We are looking at local players to form joint ventures to sell our products in these countries,” said Pai.
Kurl-on which crossed the Rs 1,000 crore revenue milestone this year continues its retail expansion and is aiming to add 10 more stores to the current 100 franchisee stores in the next 18 months.
The size of branded mattress market in India stands at around Rs 2,500 crore in which Kurl-on claims to be holding 35 per cent share. With its plans of retail expansion and investment, the company is looking to achieve a turnover of Rs 1,500 crore by next year, holding over 50 per cent market share in the branded mattress market.
Source: Business-Standard