Brand Comfort-Tech The second round of the Sleep Company’s employee stock ownership plan (ESOP) buyback has been made public. Fifty percent of the 105 employees who will benefit from the current buyback are women.
The business most recently obtained Rs 184 crore in Series C funding, following the acquisition of Rs 13.4 crore in pre-Series A funding and Rs 177 crore in a Series B round headed by Premji Invest and Fireside Ventures.
Within four years of the program’s launch, The Sleep Company has launched its second phase, which will benefit all employees regardless of seniority. At a cost of Rs 83.47 lakh, the company launched its first ESOP buyback program in 2023.
Priyanka and Harshil Salot founded The Sleep Company, which sells high-end products with technology derived from advancements in material science and sleep science. The platform began its journey into offline retail in June 2022, opening its first location in Bengaluru. By the end of 2024, it plans to have over 150 locations open.
With revenue growing 2.6 times over the previous 12 months and projected to reach Rs 130 crore in sales in 2023, the company claims to have achieved significant growth. With more than 70 locations nationwide, the company is well on its way to adding 150 by the end of 2024 thanks to its omnichannel business model.
The audio series platform Pocket FM revealed its first $8.3 million ESOP buyback last month. The media reported that the total EOSP liquidity, payout, and buyback amount in 2023 was close to $802 million. The amount recorded for buybacks in 2021 and 2022 was $440 and $200 million, respectively. Meesho, MyGate, and Classplus also finished their ESOP buyback program in 2024.
