The Sleep Company Raises INR 13.4cr 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

The Sleep Company – a comfort technology company step-changing the way people "Sleep" & "Sit" has raised INR 13.4cr in the 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.

Dipanjan Basu - Partner and CFO at Fireside Ventures will join the company’s board. Fireside is focused on investing in consumer start-ups and helping them become strong brands that people love. Its portfolio includes well-known new-age brands like boAt, Mamaearth, Vahdam, The Ayurveda Experience, and Yogabar.

Founded in October 2019 by IIM graduates – Priyanka and Harshil Salot, The Sleep Company aims to become World's Best Comfort Technology Company offering products defined by science and ergonomics. The Mumbai-based startup brings the most disruptive innovation in sleep technology proven to relieve pain points and provide comfort at the same time. The mattresses are built on patented SmartGRID technology – moving away from memory foam, spring, or latex base to a hyper-elastic polymer designed in the shape of a Grid that provides far superior comfort to customers. This grid formation creates walls that can support or fold, depending on the amount of pressure or weight it receives. This flexibility allows the mattress to aid in better posture for side sleepers, back sleepers, and stomach sleepers, leading to a comfortable deep sleep. Developed by ex-scientists from DRDO after years of research, this is a disruptive technology in a rather lethargic industry. 

India’s overall mattress market has grown at a CAGR of above 11% 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 10X in revenues post-Covid. Currently being sold online, The Sleep Company mattresses are available on e-commerce platforms like Amazon and Flipkart and own website

Speaking on the fundraise, Harshil Salot, Co-founder, The Sleep Company said, “We are a company obsessed about innovation and we are extremely happy to note that the SmartGRID steps 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’.

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