[Funding alert] DSG Consumer Partners, Sharrp Ventures lead Rs 11 Cr Series A round in Sleepycat
Sleepycat will use the capital to build its online presence through channel partnerships and new product launches, and focus on its management team.
Mumbai-based Sleepycat, an online direct-to-consumer mattress and sleep-solutions startup, has raised Rs 11 crore in its first round of institutional funding led by DSG Consumer Partners and Sharrp Ventures. The round also saw participation from Gemba Capital and other angel investors.
In a statement, the startup said the capital raised will be invested towards building the online presence of Sleepycat through channel partnerships, new product launches and to build its management team. The company currently sells 1,500 mattresses per month.
As part of the deal, Hariharan Premkumar (DSG Consumer Partners) and Chaitanya Deshpande (Sharrp Ventures) will join Sleepycat’s board of directors.
Founded by Kabir Siddiq in August 2017, Sleepycat is on a mission to disrupt the sleep category and claims to be the first company in India to offer doorstep delivery of a 'mattress-in-a-box', a product where the mattress is vacuum pressed, and delivered in compact boxes. The company currently ships pan-India through its own website as well as on Amazon.
Commenting on the fund raise, Kabir Siddiq, Founder & CEO, SleepyCat, said,
“We are very excited to partner with DSGCP and Sharrp on this journey towards building an innovative sleep solutions company. We are looking to build our team, infrastructure, and technology with the infusion of funds, and are happy to have found the right support during this journey.”
The brand's current product portfolio includes memory foam mattress, latex mattress (for adults and babies), waterproof mattress protector, platform bed base, and pillows.
Deepak Shahdadpuri, Managing Director of DSG Consumer Partners, said,
"Given that the average person sleeps for a third of their life, the sleep solutions segment has seen little disruption or innovation in India. Sleepycat provides a compelling experience for the customer by simplifying choice at the time of purchase, employing lean distribution channels that enable attractive pricing and offering a 30-day trial period. We are excited to partner with Kabir to build India’s leading sleep solutions brand."
Since its inception in 2013, DSGCP has backed over 40 startups including OYO Rooms, Zipdial (sold to Twitter), Redmart (sold to Lazada), Veeba, Epigamia Greek Yogurt, Raw Pressery, Chai Point, Eazydiner, SaladStop!, Chope, GOQii, Mswipe, Arata, The Moms Co, Sleepy Owl Coffee, Simplee Aloe, Piccolo, Pip & Nut, YouVit, Brewlander and Goa Brewing Co.
It is investing from its third fund, and currently manages $200 million of committed capital and has investment professionals and advisors in Mauritius, Singapore, and Mumbai.
Additionally, Rishabh Mariwala, Founder of Sharrp Ventures, said,
"We are very happy to support Kabir on his journey to build SleepyCat into a great direct-to-consumer brand. The positive ratings and reviews the brand has received are lead indicators of their potential. At Sharrp Ventures, Marico's Family Office, our team is also excited to partner with DSG Consumer Partners in our first co-investment."
Sharrp Ventures is focused on investing in equities in India through public market funds, private market funds, and direct investments in unlisted enterprises. In the unlisted space, it invests in early and growth stage companies. Though sector agnostic, it has a bias for consumer and consumption related ideas.
(Edited by Megha Reddy)
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