Mattress startup The Sleep Company has set a capex of Rs 40 – 50 crore over the next two years to open its flagship stores, Harshil Salot, co-founder of the company, said.
With an exclusive store in Bengaluru and Hyderabad, the company—which originally started as a D2C mattress brand—has lately entered the offline retail market. By March 2023, it plans to open more than 25 stores in major cities like Kerala, Chennai, Maharashtra, and Gurgaon.
Though online dominates at the moment, Salot expects that offline will account for one-third of the business during the next three years. “In the longer run, we expect our offline stores to be a large contributor to our overall business,” he noted.
Commenting on the company’s market share in the highly competitive sleep mattress business, he stated that it currently holds a sizable portion of the mattress market and projects that in the coming five years, it will rise to 20 to 25% of the whole market.
The Sleep Company, established in 2019 by Harshil Salot and Priyanka Salot, sells mattresses and sleep accessories, including pillows, bed sheets, protectors, comforters, and furniture items like recliner beds and office chairs. The business intends to emphasize workplace seats in its product offering in the future.
In FY 21–22, the startup generated revenues of Rs 58 crore, and it aims to reach Rs 175 crore in the current fiscal. Salot cited the rise in e-commerce and changing customer behavior as the company’s key growth drivers.
