The Sleep Company raises ₹177 cr

NEW DELHI : The Sleep Company, an online retailer of mattresses, has received Series B funding of 177 crore from Premji Invest and Fireside Ventures. The latest round also saw participation from venture debt fund Alteria Capital.

Founded by Priyanka Salot and Harshil Salot, The Sleep Company, owned by Comfort Grid Technologies Pvt. Ltd, has so far raised 190.4 crore in funds. It raised 13.4 crore in a pre-Series A round led by Fireside Ventures in July last year.

The first round also saw participation from LogX Ventures (pre-Series A) and Varun Alagh, co-founder of Mamaearth (pre-Series A).

The Sleep Company sells a range of products, including mattresses, pillows, cushions, as well as beds and chairs. In the mattress space, the company competes with Sleepwell, Springwel, Duroflex, Kurl-on and Coirfit. Among online brands, its rivals include about half a dozen companies like Wakefit, SleepyCat, Sleepyhead, and SleepX. The company said it patented a “SmartGrid” technology, which, unlike memory foam, provides support to “the right parts of the body” 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,” said 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 said the company would deploy the capital to add 22 offline stores to the existing three by March and also expand the employee base. The company, he said, was also selling in Japan, the UK and the United Arab Emirates.

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.


Source link

Related posts

Where Amazon’s Layoffs Rank Among Largest Tech Job Cuts Of 2022

Jason Dudley

SaaS Unicorn Chargebee Lays Off 10% Workforce

Jason Dudley

Assure Clinic announces business expansion plans into GCC region starting with Dubai

Jason Dudley

Insurtech start-up Zopper raises $75 million in series C funding

Jason Dudley

Cellarity’s $121M Raise Signals A Promising Drug Discovery Strategy

Jason Dudley

Techstars Seattle leader Isaac Kato steps down after leading accelerator for 3 years

Jason Dudley

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More