The Sleep Company raises $21.3M from Premji Invest, others
has raised Rs 177 crore ($21.3 million approx) led by Premji Investment. Alteria Capital also participated in the round while existing investor Fireside Ventures increased its stake to over 20%.
The Mumbai-based firm plans on using the funds to increase its omnichannel presence, further build its brand, and accelerate penetration across Japan, the UK, and the United Arab Emirates (UAE).
"Sleep is the most important part of the system and India is the second most sleep-deprived country after Japan. We want people to have the best sleep and they should also be able to experience our products when they see it on the website," Priyanka Goyal Salot, Co-founder, The Sleep Company, told YourStory in an interaction.
To create this parity, the company is expanding its retail footprint. Currently, The Sleep Company has three stores. It is targeting to open up over 25 stores by the end of March 2023.
Started in October 2019 by Priyanka and her husband Harshil Salot, the brand started off by making mattresses using smart grid technology, which later got patented. Since then, apart from mattresses, The Sleep Company has also added pillows, cushions, sheets, and smart-grid chairs.
During the pandemic, the company, which started off by selling online, got a major boost in sales as bored at-home consumers were shopping online and were open to trying out new brands. But in the post-pandemic world, having a physical presence has been extremely important.
The Sleep Company is also focused on brand building as there are many new-age brands trying to catch consumers' attention by offering similar price points, and quality products. It currently competes with other mattress players including Venlinvest-backed WakeFit and Bengaluru-based SleepyHead.
Edited by Kanishk Singh