Total amount raised
₹3.7 Billion
Latest funding date
12/1/2023
Location
The Sleep Company has successfully raised funding over six rounds, with the latest being a Series D round involving investors 360 ONE Asset and ChrysCapital. The company specializes in developing mattresses that adapt to users' body shapes, leveraging their patented SmartGRID technology.
Keep reading to explore the intricacies of The Sleep Company's fundraising journey and the investors backing this innovative platform.
What Is The Sleep Company?
The Sleep Company, based in Mumbai, Maharashtra, India, is a pioneering brand in the comfort technology industry. Founded by Priyanka Salot and Harshil Salot, the company specializes in developing mattresses and other comfort-related products using their innovative SmartGRID technology.
Operating in the Consumer Goods, Furniture, and Wellness industries, The Sleep Company has an employee count between 1001-5000. The company aims to revolutionize sleep quality and overall comfort with a wide range of products, including mattresses, pillows, cushions, and recliner sofas.
How Much Funding Has The Sleep Company Raised?
- Seed Round
- Amount Raised: INR 134,000,000 (approx. $1.8 million)
- Date: July 2021
- Lead Investors: Fireside Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and market their innovative SmartGRID technology products.
- Series B
- Amount Raised: INR 177,000,000 (approx. $2.4 million)
- Date: November 2022
- Lead Investors: Premji Invest, Fireside Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and expansion.
- Debt Financing
- Amount Raised: INR 82,000,000 (approx. $1 million)
- Date: November 2022
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational and expansion activities.
- Series C
- Amount Raised: INR 1,840,000,000 (approx. $24.3 million)
- Date: December 2023
- Lead Investors: Fireside Ventures, Premji Invest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up the experience store network and pursue international expansion.
- Series D
- Amount Raised: INR 4,800,000,000 (approx. $63.4 million)
- Date: August 2025
- Lead Investors: 360 ONE Asset, ChrysCapital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product innovation and bolster leadership.
Total Amount Raised: $92.9 million
Current Valuation: Not publicly disclosed
Key Investors
- 360 ONE Asset
- Details: 360 ONE Asset is a prominent investment firm known for its strategic investments in high-growth companies. They have a strong presence in the financial sector and are recognized for their expertise in asset management.
- Investment Focus Areas: Financial services, technology, consumer goods
- Notable Investments: Not publicly disclosed
- ChrysCapital
- Details: ChrysCapital is one of the largest and most successful private equity firms in India. They focus on investing in high-growth sectors and have a robust portfolio of companies across various industries.
- Investment Focus Areas: Technology, healthcare, financial services, consumer goods
- Notable Investments: Not publicly disclosed
- Fireside Ventures
- Details: Fireside Ventures is a venture capital firm that focuses on early-stage investments in consumer brands. They are known for their hands-on approach and support to startups in scaling their businesses.
- Investment Focus Areas: Food and beverages, personal care, lifestyle, home products
- Notable Investments: Mamaearth, Boat, Vahdam Teas
- Premji Invest
- Details: Premji Invest is the investment arm of Azim Premji's endowment and philanthropic initiatives. They typically invest in growth-stage companies across various sectors.
- Investment Focus Areas: Technology, healthcare, consumer, financial services
- Notable Investments: Flipkart, PolicyBazaar, Lenskart
- Alteria Capital
- Details: Alteria Capital is a venture debt fund that provides loans to startups. They help high-growth companies scale without diluting equity.
- Investment Focus Areas: Technology, consumer goods, financial services
- Notable Investments: Dunzo, Lendingkart, Rebel Foods
What's Next for The Sleep Company?
The Sleep Company is poised for significant growth, with plans to expand its experience store network from 3 to 25 stores across top cities in India. This expansion, coupled with international market penetration in Europe, Japan, the UK, and the UAE, presents a substantial opportunity for revenue growth. The company aims to achieve an annual revenue run rate of Rs 1,000 crore in the next three fiscal years.
Future fundraising opportunities are likely as the company scales its operations and enters new markets. The successful Series B round indicates strong investor confidence, suggesting that additional funding rounds could be on the horizon to support further expansion and product innovation.
However, The Sleep Company may face challenges such as intense competition, managing the rapid expansion of its retail network, and maintaining product quality. Navigating these hurdles will be crucial for sustaining growth and achieving profitability by FY24.
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