The Sleep Company Raises INR 13.4 Cr In Pre-Series A Round Led By Fireside Ventures
The fresh capital will primarily be used to enhance R&D capabilities, hire talent, brand investments, and for global market expansion
Mumbai-based startup The Sleep Company on Thursday announced to have raised INR 13.4cr in Pre-Series A round. The round was led by Fireside Ventures and also saw participation from LogX Ventures and Mamaearth founder - Varun Alagh (in a personal capacity).
The fresh capital will primarily be used to enhance R&D capabilities, hire talent, brand investments, and for global market expansion.
"We are a company obsessed about innovation and we are extremely happy to note that the SmartGRID is step changing the quality of Sleep for our customers and that gives us a lot of satisfaction. We have always believed in having a very sustainable business model and have been profitable since the start. With the funding round, we will increase our manufacturing capacity and distribution network," said Harshil Salot, co-founder, The Sleep Company.
Dipanjan Basu, partner and chief financial officer, Fireside Ventures will join the company's board.
"Our vision is to become World's Best Comfort Technology Company, changing the way people sleep and sit. With our patented technology, we want to change this industry where the pace of innovation has been very sad. We are happy to partner with Fireside and with their experience and expertise, we believe we can fuel the growth at a faster pace. We will continue to invest in strong product innovation which will help our customers with better sleep," commented Priyanka Salot, co-founder, The Sleep Company.
India's overall mattress market has grown at a CAGR of above 11 per cent over the last five years. The industry is going through a huge transformation with changing consumer behavior and needs. The rise in income levels and growing health consciousness among consumers have accelerated the growth of the Indian mattress industry. The changing market dynamics due to the Covid-19 pandemic coupled with increased digital penetration has further boosted the industry. The Sleep Company, with a strong focus on providing products to help upgrade the quality of sleep, has grown tenfold in revenues post-COVID.
"There is an increasing focus in India and globally on the "At Home Comfort, Sleep and Leisure" segments and growing importance to aspects of health, posture, and sleep. We do see this space to have great potential for rapid growth in the near future. Consumers are seeking innovative products that are comfortable to sleep and sit for hours providing them long-term sustained solutions for chronic health conditions such as back and neck pain and poor sleep. This is where The Sleep Company is transforming this segment with their SmartGRID Technology for innovative mattresses, home products such as cushions and seats that address backache and posture concerns. Fireside Ventures is indeed excited to partner with Priyanka and Harshil, and we believe that they are creating a global brand and a platform that will change the definition of "at home comfort' through their continuous innovations," added Dipanjan Basu, partner and chief financial officer, Fireside Ventures.
The Sleep Company plans to expand manufacturing and bring in more products in the SmartGRID technology that can continue to help upgrade the quality of sleep.