D2C mattress brand The Sleep Company, which battles with Wakekfit and Sleepycat, has recently raised Rs 184 crore in a Series C funding round led by Premji Invest and Fireside Ventures. The funding comes a year after it raised Rs 177 crore raised in a Series B round from Premji Invest and Fireside Ventures.
Diversifying product offerings
With this new capital, The Sleep Company plans to diversify its product offerings, particularly focusing on its SmartGRID technology-based products. The startup said that the expansion is not just limited to products but also its physical presence, with the aim to increase its store count to 100 in the next six months, enhancing its footprint in both tier I and tier II cities.
Who are the founders?
Founded in 2019, The Sleep Company is the brainchild of husband-wife duo Priyanka Salot & Harshil Salot. The brand offers mattresses, pillows, cushions, bedding, and office chairs. It sells its products across e-commerce platforms, including Amazon and Flipkart. Currently, It has stores across Bengaluru, Hyderabad, and Mumbai.
The Sleep Company’s growth
The startup claims to have witnessed a 6x increase in two years, boasting an annual recurring revenue (ARR) of over Rs 350 crore as of September 2023. The growth is a significant jump from Rs 60 crore in November 2021. The Sleep Company has managed a balanced revenue distribution, with an equal split between offline and online channels.
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