D2C startup The Sleep Company raises $21.3 million in funding led by Premji Invest
- ByStartupStory | November 3, 2022
Premji Invest and Fireside Ventures have invested 177 crore in The Sleep Company, an online supplier of beds. Venture debt fund Alteria Capital also took part in the most recent round.
The Sleep Company, owned by Comfort Grid Technologies Pvt. Ltd. and founded by Priyanka and Harshil Salot, has so far raised 190.4 crore in funding. In a pre-Series A deal headed by Fireside Ventures in July of last year, it collected 13.4 crore.Varun Alagh, a co-founder of Mamaearth, and LogX Ventures (pre-Series A) also participated in the first round (pre-Series A).
The Sleep Company offers a variety of goods for sale, including beds, chairs, mattresses, pillows, and cushions. The business contends with Sleepwell, Springwel, Duroflex, Kurl-on, and Coirfit in the mattress market. It competes with around a half-dozen internet brands, such as Wakefit, SleepyCat, Sleepyhead, and SleepX. According to the business, it has a patented “SmartGrid” technology that, unlike memory foam, supports “the proper portions of the body” without the use of latex or springs.
“Our investment is a component of our larger thesis that India is becoming more premium and online, as well as that aspirational demand from tier-one cities is rising. According to a Premji Invest spokeswoman, demand is rising across all spending categories, including comfort, as per capita income rises.
In the area of general wellness, sleep is becoming more and more crucial, according to Dipanjan Basu, a partner at Fireside Ventures. Sleep-tech is currently developing into a rapidly expanding ecosystem both in India and internationally. Over the past year, we have witnessed a remarkable expansion of their business. We are eager to increase our investment and take part in the latest round because they have an omnichannel marketing approach.
By March, the company will deploy the funds to open 22 additional offline locations in addition to the three already open, according to Harshil Salot. He said that the business also conducted business in Japan, the UK, and the United Arab Emirates.
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