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Direct-to-consumer mattress maker The Sleep Company has raised ₹184 crore in a Series C funding round, which was led by Premji Invests, and Fireside Ventures. Both Premji Invest and Fireside are among the investors in the company.
This investment comes 12 months after their previous investments. According to the company, the funds will be deployed to diversify product offerings, including an expansion of SmartGRID-based products in additional product categories.
The company currently has 60 stores in 20 different cities. The company plans to to open a total of 100 stores in the next six months, across Tier-I and Tier-II markets.
6x growth
“We look to open about seven-eight stores on a monthly basis for the next one-and-a-half years,” said Priyanka Salot, Co-Founder, The Sleep Company.
“We have witnessed an impressive 6x growth in two years, reaching an ARR of over ₹350 crore as of September 2023, a significant leap from ₹60 crore in November 2021. It’s a testament to the power of innovation, dedication, and our exceptional team. We are grateful for the unwavering support of our loyal customers who love our products and the trust of our steadfast investors who share our vision of reshaping the comfort tech industry,” she added.
The company has designed our retail stores in a way wherein we try to educate the customers not just about SmartGRID but also about the importance of maintaining body posture, pressure points, others.
Currently, the online contribution of the business stands at 50 per cent and the remaining is offline.
“With increase in our retail footprint, we expect our offline business to start contributing around 65 per cent of the business in the coming year,” said Harshil Salot, Co-Founder, The Sleep Company.
Sleep Lab
“We have designed a ‘Sleep Lab’ through which we help customers to understand and in turn, take the right decision while purchasing a mattress, he added.
The Mumbai-based company ended FY22 with a revenue of ₹56 crore, a jump from ₹11.8 crore in FY21, as per Tracxn, a private markets data provider.
Founded in 2019 by Priyanka and Harshil Salot, The Sleep Company says it uses tech, science and ergonomics to make office chairs, pillows, mattresses and the like. It competes with SleepyCat, Sundayrest and Sleepyhead.
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