Sheela Foam Limited., a flagship company of Sheela Group is pioneered in the manufacturing of Polyurethane Foams in India and has ten
manufacturing facilities, using the state of the art technology at strategic locations across the country. The Company is the pioneer in the mattress and foam industry with a wide range of offerings in home comfort, technical foam, and institutional foam range.  It enjoys a significant presence overseas, with its products being exported to over 20 countries worldwide. It has 16 manufacturing locations across India, Australia, and Spain.

Founded by Ms. Sheela Gautam and Mr. Rahul Gautam, Sheela Foam Ltd. was originally incorporated as a private limited company on June 18, 1971 at Delhi with the name Sheela Foam Private Limited'. Sheela Foam commenced manufacture of PU Foam in 1972. The company became a deemed public limited company on July 1, 1989 and was restored to its status of private limited company with effect from November 30, 1990. The company was converted to a public limited company pursuant to a special resolution on April 30, 2016 and the name of the company was changed to Sheela Foam Limited' on June 6, 2016. 

In order to reorganise its group structure to subsume similar and complementary business lines of its subsidiaries and associates within its business, the company has, on three instances, effected mergers of certain of its subsidiaries and associates with itself through schemes of amalgamation. In Fiscal Year 2003, three of its erstwhile wholly owned subsidiaries, namely Feather Foam Enterprises Private Limited, Soft Foam Industries Private Limited and Pallavi Foam Industries Private Limited, which were involved in similar lines of business of the company, merged with itself. Subsequently, in fiscal year 2011, Serta India Private Limited, a subsidiary company was merged with the company. Furthermore, in Fiscal Year 2013, five of its erstwhile subsidiaries, namely SNB Bedding International Private Limited, Starlite India Private Limited, RG Pillow (India) Private Limited, Kanpav Overseas Private Limited and Auora Foams Private Limited, merged with the company. 

Sheela Foam's promoter Polyflex Marketing Pvt Ltd. offloaded shares worth Rs 510 crore by way of an initial public offer (IPO) during the period from 29 November 2016 to 1 December 2016. The IPO was priced at Rs 730 per share. The stock was listed on the bourses on 9 December 2016. 

The company introduced economy model mattress 'Starlite' and Mid Level Mattress 'Feather Foam' in July 2017 and February 2018 respectively. Post successful test marketing of the model in North India these models are being launched pan India. On the furniture side of the business, the company has tied up with carpenters & upholsters under 'Anmol Bandhan Scheme'. This will help in selling Sleepwell and Feather Foam Furniture Foam.

In FY 2019, the Company expanded its footprint in Europe and acquired Interplasp S.L. , a subsidiary of Sheela Group in Spain.

In FY21, it set up a new Subsidiary Company called as International Comfort Technologies Private Limited and commenced the construction for a new plant under it at Maneri Industrial Area near Jabalpur, MP.  

Kurlon Enterprise Limited became the subsidiary of the Company from October 20, 2023. The wholly owned subsidiary, International Comfort Technologies Private Limited (ICTPL) got merged with the Company effective from March 1, 2024 in FY 2023-24. 

The Company acquired 35% stake of 'House of Kieraya Private Limited (Furlenco)' w.e.f. August 29, 2023.