The Sleep Company Secures INR 184 Crore In Series C Funding As It Unveils 60th Store In India

The Sleep Company Secures INR 184 Crore In Series C Funding As It Unveils 60th Store In India

Mumbai, December 06, 2023: The Sleep Company, Asia’s first and only provider of SmartGRID technology for unparalleled sleep and sitting solutions, continues to dominate the comfort tech industry as the fastest-growing omnichannel brand. A laser-focused commitment to meeting customer needs has led to the company’s remarkable 2.6x revenue growth in the last 12 months. In a resounding show of support, existing investors Premji Invest and Fireside Ventures have confirmed a fresh infusion of capital totalling INR 184 crore in Series C, this comes merely 12 months after their previous investments. As this funding is put into action, The Sleep Company is also proud to launch its 60th store in India, solidifying its offline presence to a total of 20 cities across the country.

Mastering the omnichannel strategy, The Sleep Company has consistently achieved a series of milestones. In just 12 months of venturing into retail and omnichannel, it secured a balanced revenue distribution—50% from offline and 50% from online channels. In a landscape where many companies are scaling down, The Sleep Company continues to distinguish itself with a proud 3x increase in hiring compared to last year, signalling robust growth and an ambitious expansion trajectory.

The Series C funding round will further turbocharge this ongoing growth as the company aims to use this capital infusion to diversify product offerings, including an expansion of SmartGRID-based products in additional product categories. It will also energize marketing efforts to enhance brand visibility and ensure a seamless omnichannel experience for customers. Notably, The Sleep Company has ambitious plans to open a total of 100 stores in the next six months, reinforcing its Pan-India presence across Tier I and Tier II markets.

Priyanka Salot, Co-Founder, The Sleep Company said, “Our journey is defined by remarkable growth and expansion. We have witnessed an impressive 6x growth in two years, reaching an ARR of over INR 350 crores as of September 2023, a significant leap from 60 crores in November 2021. It’s a testament to the power of innovation, dedication, and our exceptional team. We are grateful for the unwavering support of our loyal customers who love our products and the trust of our steadfast investors who share our vision of reshaping the comfort tech industry.”

Harshil Salot, Co-Founder, of The Sleep Company commented, “I am happy to say that The Sleep Company today is the fastest-growing omnichannel brand in India. Our vision of making India sleep and sit better translates into everything we do. Thus we have designed our retail stores in a way wherein we try to educate the customers not just about SmartGRID but also about the importance of maintaining body posture, pressure points, etc. We have designed a ‘Sleep Lab’ through which we help customers to understand and in turn, take the right decision while purchasing a mattress. So far, we have had over 2 lakh happy customers who have shown trust in our products and we are grateful for their continued support. Together, The Sleep Company and its customers are redefining the landscape of peaceful sleep and comfortable sitting, embracing innovation one step at a time.

Varun Khandelwal, Principal of Investments at Premji Invest, said, “The Sleep Company has positioned itself as the fastest-growing omnichannel player in the sleep solutions industry, showcasing distinctive grid-based products and delivering an exceptional consumer experience through a highly capable management team. The company’s remarkable journey since 2019, marked by aggressive omnichannel growth and strong unit economics, has solidified our confidence in their capabilities. In line with our investment thesis of omnichannel across consumer brands, we are reaffirming our support to The Sleep Company by doubling down on our initial investment.”

Dipanjan Basu, Co-Founder & Partner at Fireside Ventures also commented on this latest round of funding, “At Fireside Ventures, we recognised the immense potential of The Sleep Company and in a year’s time, we are thrilled to see their exceptional growth trajectory, their drive towards a powerful omnichannel strategy and their consistent profitability. This all-round performance reinforced our confidence in them. It has therefore been an easy decision for us to support them in this financial round. We have full confidence in Priyanka and Harshil’s vision for the company and wish them continued success as they persist in disrupting and innovating the sleep and related industry.”

Beyond business objectives, The Sleep Company is dedicated to fostering employee ownership through ESOPs and thus nurturing a committed team, ensuring comprehensive growth. This commitment extends to the creative expansion of its innovative SmartGRID technology, now including accessories like seat cushions, back cushions, neck massager pillows, and the newly launched luxe motorized recliner sofas.