Companies

The Sleep Company raises ₹13.4 crore in pre-Series A round

Our Bureau Bengaluru | Updated on July 01, 2021

The fresh capital will be used to enhance R&D capabilities, hire talent, brand investments and for global market expansion

Online mattress start-up, The Sleep Company, has raised ₹13.4 crore in a pre-Series A round led by Fireside Ventures with participation from LogX Ventures and Mamaearth founder — Varun Alagh in his personal capacity. The fresh capital will be used to enhance R&D capabilities, hire talent, brand investments and for global market expansion. Dipanjan Basu, Partner and CFO at Fireside Ventures will join the company’s board.

Founded in October 2019 by IIM graduates Priyanka and Harshil Salot, The Sleep Company brings a patented SmartGRID technology developed by ex-scientists from DRDO that completely moves away from memory foam, spring or latex base to a hyper-elastic polymer designed in the shape of a Grid that provides superior comfort. This grid formation creates walls that can support or fold, depending on the amount of pressure or weight it receives. This flexibility allows the mattress to aid in better posture leading to comfortable deep sleep.

“With our patented technology, 80 per cent of mattress are made out of memory foam which was developed by NASA in 1960 to absorb shock. Since memory foam is a very dense material there is very little air circulation and it therefore retains body heat. We have grown 10X in revenue post-Covid. We offer two mattress variants at prices ranging between ₹18,000 and ₹35,000 and aim to be a Rs 500 crore brand in the next four years” Priyanka Salot, co-founder, The Sleep Company told BusinessLine. The mattresses are available on e-commerce platforms such as Amazon and Flipkart and its own website.

India’s overall ₹14,000 crore mattress market has grown at a CAGR of above 11 per cent over the last five years.The rise in income levels and growing health consciousness among consumers have accelerated the growth of the Indian mattress industry. The changing market dynamics due to the Covid-19 pandemic coupled with increased digital penetration has further boosted the industry.

Published on July 01, 2021

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