Sheela Foam Limited (NSEI:SFL) is looking at further acquisitions within the INR 100,000 million modern mattresses market, as consolidation grows in the category. The INR 30,000 million company announced on July 17, 2023 that it was acquiring a nearly 95% stake in rival mattress brand Kurl-On for INR 20,350 million. The company also said that it was picking up a 35% stake in Furlenco Furniture for INR 3,000 million.

"We may consider further buys once we close and integrate the two acquisitions that we have just announced," Rahul Gautam, chairman and MD, Sheela Foam, said. "The modern mattress market is undergoing consolidation and there are players who want to exit. But much will depend on the valuations, how much of a fit it will be for us, etc," Gautam, 70, said, in a conversation with FE.

While the Furlenco deal will be closed by August-end, the Kurl-On transaction would close by November-end. The integration of these brands into the company may take some time, implying that new acquisitions, if any, would happen in FY25, Gautam said. The company is also open to adjacencies in the larger home furnishings space such as bed covers, bed sheets, pillow cases, etc, as consumers look at better home grooming options.