Startups

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.

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