Mattress maker The Sleep Company raises Rs 184 crore in Series C funding

Mattress maker The Sleep Company, announced today, December 6, that the firm achieved 2.6x revenue growth in the last 12 months, and they have also secured fresh funding of Rs 184 crore in Series C funding from the exiting investors Premji Invest and Fireside Ventures.

In addition, The Sleep Company has also launched its 60th store in India, solidifying its offline presence in 20 cities across the country. The company aims to use this capital infusion to diversify product offerings, including expanding SmartGRID-based products in additional product categories. 

Speaking about this milestone, Priyanka Salot, Co-Founder of 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.”

"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,” added Harshil Salot, Co-Founder of The Sleep Company.

Varun Khandelwal, Principal of Investments at Premji Invest, also commented on their support towards The Sleep Company and 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,” he added.

"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,” opined Dipanjan Basu, Co-Founder and partner at Fireside Ventures on this latest round of funding.