SleepyCat Raises $3.8 Mn From Saama Capital, DSG Consumer Partners And Sharrp Ventures The company will use the funds to further expand its product portfolio of mattresses and other sleep wellness accessories
By Prabhjeet Bhatla •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Mumbai-based SleepyCat recently announced that it has raised $3.8 million in a round led by Saama Capital, with participation from existing investors: DSG Consumer Partners and Sharrp Ventures (Mariwala family office).
This marks the company's second external fundraise since inception, following a $1.6 million round led by DSG Consumer Partners and Sharrp Ventures in September 2019.
"We are excited to partner with Saama Capital along with the continued support of DSG Consumer Partners & Sharrp Ventures in our journey. SleepyCat is disrupting an existing category with purpose-driven products designed to increase the comfort and self-care quotient further up for the Indian consumers. We want to change the way people shop for mattresses and other sleep products, direct from the factory, making the world a more chilled out place, one superbly comfortable product at a time. With this fundraise, we will focus on design innovation and build world class sleep solution products while expanding our manufacturing and distribution capabilities. This will enable our customers to experience a new world where they can get the sleep and comfort they deserve," said Kabir Siddiq, founder and chief executive officer, SleepyCat.
With the new round of funding, SleepyCat plans to galvanize research and development efforts to lead to even better product and process innovation. Centered around its premium vacuum-pressed doorstep-delivered mattresses, the company has been expanding its portfolio of holistic sleep wellness products to include pillows, comforters etc. SleepyCat is looking to build purpose-driven products that aids in self-care and those that drive a culture of looking after oneself. From the team they are building, to their customers, it's a value they hold strongly.
"Self-care has been largely neglected over the years but the pandemic has made users more aware of self-wellness and has drawn greater focus to making informed choices: what to eat, where to travel and how to sleep - a good night's sleep is an integral part of overall wellness. In the short time since it launched, SleepyCat has been able to create significant brand love amongst its users which reflects in the impressive performance metrics. We are excited to partner with SleepyCat to make it India's leading sleep solutions brand deeply rooted in product innovation and customer satisfaction," shared Kiranbir Nag, partner, Saama Capital.
"SleepyCat is well placed to be the most loved sleep solutions brand in India. The customer retention, ratings and brand love have been phenomenal in a category that is typically tagged as "low repeat / low involvement'. In addition to building a solid brand, Kabir and team have been extremely capital efficient in building the business – a quality we greatly value. Despite the products being a discretionary purchase, the company has been on a healthy growth trajectory through the pandemic. We are excited to continue supporting SleepyCat's growth journey and welcome Saama Capital on board," added Hariharan Premkumar, head of India, DSG Consumer Partners, and an existing investor in SleepyCat.
Since its previous fund raise, SleepyCat has expanded its product portfolio to include a premium range of comfort products for the bedroom, including pillows, comforters, beds. The brand has also entered the pet bedding category with its fluffy and orthopedic pet bed offerings.
