Mattress startup, The Sleep Company has raised ₹177 crore in a Series B funding round, which was led by Premji Invests, Fireside Ventures, and saw participation from Alteria Capital.
According to the company, the funds will be invested in establishing a larger offline distribution system. “We will open 25 experience stores this year, and 100 stores by March 2024. These stores would be between 1200-1800 square feet, and would be mostly in the top ten cities in the country,” said Harshil Salot, co-founder, of The Sleep Company. Currently, it has three stores: Bengaluru, Hyderabad, and Thane.
Related Stories
Insurtech startup Cover Genius raises $70 million in Series D funding
The startup says the funding would assist in the business growth of its global insurance distribution platform, XCoverThe company manufactures its products in a 1,10,000-square-foot facility in Maharashtra and produces 1,20,000 mattresses annually. Salot told businessline that to double its manufacturing capacity within six-eight months, it will open a second unit. “Our new facility will be established in about four months, will be located in the south region, and will be of a similar size as the present one,” he added.
“Our investment is part of our broader thesis of India getting more online, premiumization, and increasing aspirational demand from Tier 1 towns and beyond. We see higher demand across consumption categories, including comfort, and The Sleep Company, with its product offering, is fast emerging as a brand of choice,” said the Growth Investments team at Premji Invest.
According to Salot, the company also plans to grow its eight-month-old international business as well. Currently, it has a market presence in Japan, the UAE, and the UK.
Related Stories
Games24x7 launches ₹400-crore fund for early-stage startups
The investments will focus on partnering with start-ups having synergies with Games 24x7’s core business areas.The Sleep Company expects to close FY23 with a turnover of ₹200 crore. In FY22, it clocked in revenues of ₹58 crore. As part of its five-year plan, it expects to build an ₹1,000 crore business, said the company. It has more than 200 people and plans to have more than 300 people by the end of FY23.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.