Comfort technology firm The Sleep Company raises INR 13.4 crore from Fireside Ventures & Others
The Sleep Company, a comfort technology company that is revolutionising how people "sleep" and "sit," has raised Rs 13.4 crore in a pre-Series A round.
Fireside Ventures led the round, which also included LogX Ventures and Mamaearth founder Varun Alagh (in a personal capacity). According to the startup, the new funds will be used primarily to improve R&D capabilities, hire talent, make brand investments, and expand into new markets around the world.
Dipanjan Basu, Partner and CFO at Fireside Ventures, has been appointed to the company's Board of Directors.
The Mumbai-based startup claims that its mattresses are built on patented SmartGRID technology, which shifts away from memory foam, spring, or latex bases and instead uses a hyper-elastic polymer designed in the shape of a Grid to provide customers with far superior comfort. This claims to be a disruptive technology in a rather sluggish industry, having been developed by ex-DRDO scientists after years of research.
“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," says, Harshil Salot, Co-founder, The Sleep Company.
According to the startup, India's overall mattress market has grown at a CAGR of more than 11% over the last five years. With changing consumer behaviour and needs, the industry is undergoing a massive transformation. The Sleep Company, which focuses on providing products to help improve sleep quality, claims to have grown 10X in revenue since the acquisition of Covid.
The Sleep Company mattresses are currently available online through ecommerce platforms such as Amazon and Flipkart, as well as 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.
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!”
Fireside, which was founded in 2017, focuses on investing in consumer startups. Well-known new-age brands in its portfolio include boAt, Mamaearth, Vahdam, The Ayurveda Experience, and Yogabar.
Fireside Ventures led the round, which also included LogX Ventures and Mamaearth founder Varun Alagh (in a personal capacity). According to the startup, the new funds will be used primarily to improve R&D capabilities, hire talent, make brand investments, and expand into new markets around the world.
Dipanjan Basu, Partner and CFO at Fireside Ventures, has been appointed to the company's Board of Directors.
The Mumbai-based startup claims that its mattresses are built on patented SmartGRID technology, which shifts away from memory foam, spring, or latex bases and instead uses a hyper-elastic polymer designed in the shape of a Grid to provide customers with far superior comfort. This claims to be a disruptive technology in a rather sluggish industry, having been developed by ex-DRDO scientists after years of research.
“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," says, Harshil Salot, Co-founder, The Sleep Company.
According to the startup, India's overall mattress market has grown at a CAGR of more than 11% over the last five years. With changing consumer behaviour and needs, the industry is undergoing a massive transformation. The Sleep Company, which focuses on providing products to help improve sleep quality, claims to have grown 10X in revenue since the acquisition of Covid.
The Sleep Company mattresses are currently available online through ecommerce platforms such as Amazon and Flipkart, as well as 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.
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!”
Fireside, which was founded in 2017, focuses on investing in consumer startups. Well-known new-age brands in its portfolio include boAt, Mamaearth, Vahdam, The Ayurveda Experience, and Yogabar.
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