The Sleep Company, a sleeping products manufacturer, secured Rs 184 crore in a series C fundraising round from current investors Premji Invest and Fireside Ventures. This funding will aid the startup in expanding its store network and diversifying its product range.
Previously, in November 2022, the four-year-old company raised Rs 177 crore from the same investors in its series B round. The Sleep Company specializes in selling various products, including mattresses, recliner beds, sofas, chairs, beddings, and cushions.
A year ago, The Sleep Company started the development of its retail store network, and it has now expanded to encompass 60 stores across 20 cities. The company has ambitious plans to further grow its store count to 100 by the end of the current financial year.
“We started as a digital first brand and we saw amazing traction in the digital ecosystem,” started Priyanka Salot, co-founder, The Sleep Company. “A year back, we decided to go from the D2C (direct-to-consumer) route to an omni route because we realised that the mattress or comfort products category is still a very touch and feel category.”
Half of the company’s business comes from its store network, she said, adding, “And our plan is to get to 100 stores by March itself and add another 100 stores by next year.”
Harshil Salot, co-founder, The Sleep Company, said the company’s stores are doing almost three to four times the business of an average experience centre of any other brand. “We are opening one store every four days. So the pace at which we are expanding is probably the fastest in the industry,” he said. “We are going to increase our density in the existing cities where we are already present, but we will also be opening up new cities. By the end of next year, I think we will be present in anywhere between 35 and 45 cities, with more density in the top 20 cities.”
