The Sleep Company Raises Rs 184 Crore From Premji Invest, Fireside Ventures
The startup is doubling down on the omnichannel approach, with plans to open a total of 100 stores in the next six months.
Sleep solutions startup The Sleep Company has raised Rs 184 crore in funding from existing investors Premji Invest and Fireside Ventures, it said on Wednesday.
The additional investments, during the third round of funding from the two backers, comes only 12 months after their initial funding of Rs 177 crore in the second round.
The company, operated by Comfort Grid Technologies Pvt., will use the funds to diversify its product offerings, including an expansion of SmartGRID-based products in additional product categories. "It will also energise marketing efforts to enhance brand visibility and ensure a seamless omnichannel experience for customers," a statement said.
The startup is doubling down on the omnichannel approach, with plans to open a total of 100 stores in the next six months. It has launched as many as 60 stores in the past 16 months, across 20 cities.
It has seen balanced revenue distribution — 50% from offline and 50% from online channels.
"We have witnessed an impressive six times growth in two years, reaching an ARR of over Rs 350 crore as of September 2023, a significant leap from Rs 60 crore in November 2021," said Priyanka Salot, co-founder.
"The Sleep Company has positioned itself as the fastest-growing omnichannel player in the sleep solutions industry...The company's remarkable journey since 2019, marked by aggressive omnichannel growth and strong unit economics, has solidified our confidence in their capabilities," said Varun Khandelwal, principal of investments at Premji Invest.
The Sleep Company competes with Wakefit, SleepyCat, Sleepyhead among fresh direct-to-customer brands, and Sleepwell and Duroflex among others in the legacy brand space.
Founded in 2019 by Priyanka and Harshil Salot, Mumbai-based The Sleep Company says it uses tech, science and ergonomics to make chairs, pillows, mattresses and other products in the 'comfort-tech' space.
