In its Series C fundraising round, D2C mattress firm The Sleep Company secured INR 184 Cr ($22.1 Mn) from current backers Premji Invest and Fireside Ventures.
The business plans to use the money for product development, omnichannel growth, and brand promotion.
“Our valuation has more than doubled since the last round, and since our launch in October 2019, we’ve achieved remarkable 3X year-on-year growth,” The Sleep Company cofounder Priyanka Salot told Inc42.
The Sleep Company offers bedding components and smart mattresses that are built with smart-grid technology. The provides a selection of smart-grid-enabled beds, chairs, pillows, and mattresses. Elasticity, ventilation technology, and other elements are also included.
“We are technically opening one store every four days in the country. We want to keep the same momentum, and the same pace going forward. Over the next one year and four months, we will expect 200 outlets spanning 35-40 cities in India. Hence, a substantial chunk of fresh capital will be used there,” cofounder Harshil Salot said.
At the moment, Bengaluru, Hyderabad, Chennai, Mumbai, and Delhi NCR are the startup’s major offline marketplaces. The startup operates 60 outlets in 22 Indian cities. It intends to increase this number to 100 outlets by March 2024.
About The Sleep Company
In August 2022, the Mumbai-based The Sleep Company, which sells mattresses and sleep solutions at fiercely competitive prices, ventured into offline retail by establishing flagship locations in Bengaluru and Hyderabad.