The Mumbai-based startup will use the funding to enhance R&D capabilities, hire talent, brand investments, and for global market expansion.
The Sleep Company, a comfort technology company step-changing the way people “sleep” and “sit”, has raised Rs 13.4 crore in pre-Series A round. The round was led by Fireside Ventures and also saw participation from LogX Ventures and Mamaearth founder – Varun Alagh (in a personal capacity).
The startup said the fresh capital will primarily be used to enhance R&D capabilities, hire talent, brand investments, and for global market expansion.
Dipanjan Basu, Partner and CFO at Fireside Ventures, will join the company’s Board.
Founded in October 2019 by IIM graduates Priyanka and Harshil Salot, The Sleep Company aims to become a comfort technology company offering products defined by science and ergonomics.
The Mumbai-based startup claims that its mattresses are built on patented SmartGRID technology – moving away from memory foam, spring, or latex base to a hyper-elastic polymer designed in the shape of a Grid that provides far superior comfort to customers. Developed by ex-scientists from DRDO after years of research, this claims to be a disruptive technology in a rather lethargic industry.
Harshil Salot, Co-founder, The Sleep Company, said,
“We are a company obsessed about innovation and we are extremely happy to note that the SmartGRID is step changing the quality of sleep for our customers and that gives us a lot of satisfaction. We have always believed in having a very sustainable business model and have been profitable since the start. With the funding round, we will increase our manufacturing capacity and distribution network’.
As per the startup, India’s overall mattress market has grown at a CAGR of above 11 percent over the last five years. The industry is going through a huge transformation with changing consumer behaviour and needs. The Sleep Company, with a focus on providing products to help upgrade the quality of sleep, claims to have grown 10X in revenues post-Covid.
Currently being sold online, The Sleep Company mattresses are available on ecommerce platforms like Amazon and Flipkart and its own website.
“With our patented technology, we want to change this industry where the pace of innovation has been very sad. We will continue to invest in strong product innovation, which will help our customers with better sleep,” added Priyanka Salot, Co-founder, The Sleep Company.
The startup plans to expand manufacturing and bring in more products in the SmartGRID technology that can continue to help upgrade the quality of sleep.
Dipanjan Basu, Partner and CFO, Fireside Ventures said,
“Fireside Ventures is indeed excited to partner with Priyanka and Harshil, and we believe that they are creating a global brand and a platform that will change the definition of ‘At Home Comfort’ through their continuous innovations!”
Launched in 2017, Fireside is focused on investing in consumer startups. Its portfolio includes well-known new-age brands like boAt, Mamaearth, Vahdam, The Ayurveda Experience, and Yogabar.