Sleepwell mattress maker Sheela Foam is set to acquire a 35% stake in Indian furniture startup Furlenco.

 

Sleepwell mattress maker Sheela Foam is set to acquire a 35% stake in Indian furniture startup Furlenco.  The former will pay $36.5M for the stake, per the stock exchange filing seen by TechCrunch. The transaction value gives Furlenco a valuation of $104.3M. Sheela Foam is acquiring the stake to "enter the fast-growing branded furniture market." Furlenco has raised over $225M in total equity and debt funding to date, of which $140M came in through a Series D round in mid-2021.  Per Sheela Foam's regulatory filing, Furlenco generated $18.5M in revenue in the financial year ending Mar. 2023.  Sheela Foam also acquired a 94.66% stake in Kurlon Enterprises for $262M.