Striving to explore the still untapped Indian Sleep Market, Sleepsia, a global M2C (manufacturer-to-consumer) brand offering pillows and sleep accessories, has raised $ 2 million impact funding from its parent company Agile Ventures, a high-octane venture capitalist.
With this recently secured funding, the brand will expand its customer base in Tier-II and Tier-III cities, reaching at least 2,50,000 additional consumers. Furthermore, as Sleepsia is already working to reduce time spent on the supply chain by strengthening its production capacities in India, the funding will help the brand meet its short-term and long-term goals.
As opposed to the United States market, valued at over $ 30 billion, the Indian sleep market is still unexplored. However, with new-age players and advancements in sleep technology, the Asia-Pacific market is growing tremendously. In fact, as per market estimates, the Asia-Pacific sleep market, which was valued at $ 11 billion in 2021, is forecasted to grow at a compound annual growth rate of 6.9 percent, reaching $ 16.89 billion by 2026.
Leveraging this growth, Sleepsia aspires to emerge as the leading pillow provider in the sleep accessory market. The brand is working on fortifying its product portfolio with a new range of pregnancy pillows, couple pillows, baby pillows, baby memory foam pillows, car pillows, chair pillows, comforters, and high-quality microfiber bed sheets.
Dheeraj Kapoor, Director Sleepsia said, “On the back of our superior products, in-depth research, and futuristic technological advancements, we have had a progressive and profitable journey. However, even though Sleepsia generated profits in the first year of operation, our thirst to innovate exceptional products has not dimmed. We are continuously on the quest to develop unique, comfortable, and affordable sleep accessories for our customers. So far, we have served 200k happy customers. And now with the recent funding, we are planning to bring 250,000 more sleepers onboard.”
Apart from the aforementioned steps, Sleepsia is also gearing up to establish full-stack customer experience labs to innovate, develop and research high-end and avant-garde sleep products. Though the brand has already set a benchmark in the global sleep market, it will now be focusing firmly on the Indian territory.