D2C Mattress Brand, SleepyCat has raised $3.8 million in a funding round led by Saama Capital. Existing investors – DSG Consumer Partners and Sharrp Ventures (Mariwala family office) also participated in this funding round.
This fundraise marks the second external fundraise since the company’s inception, following a $1.6 million round led by DSG Consumer Partners and Sharrp Ventures in 2019.
With the infusion of new funds, SleepyCat plans to focus on developing new designs and building sleep solution products while increasing its production and distribution capacity.
Established in 2017 by Kabir Siddiq, Sleepycat offers doorstep delivery of a ‘mattress-in-a-box, to solve the broken consumer journey involved in an online purchase. The Mumbai based platform also has grown rapidly and served more than one lakh customers all over India. And it has been growing its portfolio to complete sleeping products which include mattresses, pillows, comforters, protectors, a DIY bed, and pet beds among others.
The company has also set its foot in the pet bedding category with its fluffy and orthopaedic pet bed offerings.
Kabir Siddiq, Founder and CEO of SleepyCat, said, “We are excited to partner with Saama Capital along with the continued support of DSG Consumer Partners and Sharrp Ventures in our journey. SleepyCat is disrupting an existing category with purpose-driven products designed to increase the comfort and self-care quotient further up for Indian consumers.”
He added, “We want to change the way people shop for mattresses and other sleep products, direct from the factory, making the world a more chilled out place, one superbly comfortable product at a time. With this fundraise, we will focus on design innovation and build world-class sleep solution products while expanding our manufacturing and distribution capabilities. This will enable our customers to experience a new world where they can get the sleep and comfort they deserve.”
Kiranbir Nag, Partner at Saama Capital, said, “In the short time since it launched, SleepyCat has been able to create significant brand love amongst its users, which reflects in the impressive performance metrics. We are excited to partner with SleepyCat to make it India’s leading sleep solutions brand deeply rooted in product innovation and customer satisfaction.”
Hariharan Premkumar, Head of India at DSG Consumer Partners, said, “SleepyCat is well placed to be the most loved sleep solutions brand in India. The customer retention, ratings, and brand love have been phenomenal in a category that is typically tagged as ‘low repeat/low involvement’. In addition to building a solid brand, Kabir and the team have been extremely capital efficient in building the business – a quality we greatly value. Despite the products being a discretionary purchase, the company has been on a healthy growth trajectory through the pandemic. We are excited to continue supporting SleepyCat’s growth journey and welcome Saama Capital on board.”