Mattress startup The Sleep Company has set a capex of Rs 40-50 crore over the next two years to open its flagship stores, Harshil Salot, Co-Founder of the company said.
Started 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, shared Salot.
Though currently dominated by online, Salot expects offline to contribute to one-third of the business in the next three years. “In the longer run, we expect our offline stores to be a large contributor to our overall business,” he noted
Commenting on its market share in the competitive sleep mattress market, he said that the company enjoys a sizable chunk of the mattress space and expects it to increase to 20 to 25 percent of the total market in the next five years.
Founded in 2019 by Harshil Salot and Priyanka Salot, The Sleep Company sells mattresses, sleep accessories such as pillows, bed sheets, protectors, and comforters, and furniture products like recliner beds and office chairs. Going forward, the company plans to expand its product portfolio with a focus on workplace seating.
The startup recorded a revenue of Rs 58 crore in FY 21-22 and is eyeing to cross Rs 175 crore revenue mark in the current fiscal. Salot highlighted the increase in e-commerce and the evolving consumer behavior as the key growth drivers for the company.