NEW DELHI : The Sleep Firm, a web-based retailer of mattresses, has acquired Sequence B funding of ₹177 crore from Premji Make investments and Fireplace Ventures. The newest spherical additionally noticed participation from enterprise debt fund Alteria Capital.
Based by Priyanka Salot and Harshil Salot, The Sleep Firm, owned by Consolation Grid Applied sciences Pvt. Ltd, has up to now raised ₹190.4 crore in funds. It raised ₹ 13.4 crore in a pre-Sequence A spherical led by Fireplace Ventures in July final yr.
The primary spherical additionally noticed participation from LogX Ventures (pre-Sequence A) and Varun Alagh, co-founder of Mamaearth (pre-Sequence A).
The Sleep Firm sells a variety of merchandise, together with mattresses, pillows, cushions, in addition to beds and chairs. Within the mattress house, the corporate competes with Sleepwell, Springwel, Duroflex, Kurl-on and Coirfit. Amongst on-line manufacturers, its rivals embody about half a dozen firms like Wakefit, SleepyCat, Sleepyhead, and SleepX. The corporate mentioned it patented a “SmartGrid” expertise, which, not like reminiscence foam, gives assist to “the proper elements of the physique” with out utilizing springs or latex.
“Our funding is a part of our broader thesis of India getting extra on-line, premiumization and rising aspirational demand from tier-one cities. As per capita earnings will increase, we see larger demand throughout consumption classes, together with consolation,” mentioned a spokesperson for Premji Make investments.
Dipanjan Basu, a companion at Fireplace Ventures, mentioned, “Sleep is rising as an necessary class within the house of total wellness. We at the moment are seeing sleep-tech emerge as a fast-growing ecosystem each in India in addition to globally. Now we have seen their enterprise develop quickly during the last yr. They’ve an omnichannel market technique, and we’re excited to double down on our funding and take part within the present spherical.”
Harshil Salot mentioned the corporate would deploy the capital so as to add 22 offline shops to the present three by March and likewise increase the worker base. The corporate, he mentioned, was additionally promoting in Japan, the UK and the United Arab Emirates.
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Supply: Live Mint