Premji Invest and Fireside Ventures have invested 177 crores in The Sleep Company, an online supplier of beds. Venture debt fund Alteria Capital also took part in the most recent round.
The Sleep Company, owned by Comfort Grid Technologies Pvt. Ltd. and founded by Priyanka and Harshil Salot, has so far raised 190.4 crores in funding. In a pre-Series A deal headed by Fireside Ventures in July of last year, it collected 13.4 crores.
Varun Alagh, a co-founder of Mamaearth, and LogX Ventures (pre-Series A) also participated in the first round (pre-Series A).
In addition to beds and chairs, The Sleep Company also sells mattresses, pillows, and cushions. The company’s rivals in the mattress market are Sleepwell, Springwel, Duroflex, Kurl-on, and Coirfit. Its competitors among internet brands include roughly a dozen businesses including Wakefit, SleepyCat, Sleepyhead, and SleepX. The business claimed to have patented “SmartGrid” technology, which, in contrast to memory foam, supports “the proper portions of the body” without the need for springs or latex.
“Our investment is part of our broader thesis of India getting more online, premiumization and increasing aspirational demand from tier-one cities. As per capita income increases, we see higher demand across consumption categories, including comfort,” said a spokesperson for Premji Invest.
Dipanjan Basu, a partner at Fireside Ventures, said, “Sleep is emerging as an important category in the space of overall wellness. We are now seeing sleep tech emerge as a fast-growing ecosystem both in India as well as globally. We have seen their business grow rapidly over the last year. They have an omnichannel market strategy, and we are excited to double down on our investment and participate in the current round”.
By March, the business will deploy the funds to open 22 additional offline locations in addition to the three now open, according to Harshil Salot. He said that the business also conducted business in Japan, the UK, and the United Arab Emirates.