The Sleep Company, a D2C retailer of mattresses, has raised Rs 177 crore in a Series B funding round from investors including Premji Invest Opportunity Fund and Fireside Ventures. The round further witnessed the participation of venture debt fund Alteria Capital.
Fireside Ventures increased its stake to over 20 percent.
Founded by Priyanka Salot and Harshil Salot, The Sleep Company is owned by Comfort Grid Technologies Pvt. Ltd. To date, the company has raised Rs 190.4 crore in funds, raising Rs 13.4 crore in a pre-Series A round led by Fireside Ventures in July last year.
Starting as a D2C mattress brand, the company recently forayed into offline retail with an exclusive store in Bengaluru and Hyderabad. It plans to open more than 25 stores by March 2023 across top metro cities including Kerala, Chennai, Maharashtra, and Gurgaon. The brand sells a range of products, including mattresses, pillows, cushions, as well as beds, and chairs.
Through its patented SmartGRID design and tech it aims to transform the way people sleep and sit, unlike memory foam, it provides support without using springs or latex.
“Our investment is part of our broader thesis of India getting more online, premiumization, and increasing aspirational demand from tier-one cities. As per capita income increases, we see higher demand across consumption categories, including comfort," commented a spokesperson for Premji Invest.
Dipanjan Basu, a partner at Fireside Ventures said, “Sleep is emerging as an important category in the space of overall wellness. We are now seeing sleep tech emerge as a fast-growing ecosystem both in India as well as globally. We have seen their business grow rapidly over the last year. They have an omnichannel market strategy, and we are excited to double down on our investment and participate in the current round."
Harshil Salot, Co-Founder, The Sleep Company further added that the company would deploy the funds to add 22 offline stores to the existing three by March while expanding the employee base. Moreover, the brand is also selling in Japan, the UK, and the United Arab Emirates.