[Funding Alert] D2C Startup The Sleep Company secures INR 177 Cr Series B funding from Premji Invest, Fireside, Alteria

The Sleep Company

The Sleep Company has raised INR 177 Cr in a Series B funding round led by Premji Invest and Fireside Ventures. Alteria Capital also participated in this latest round of funding. 

The Sleep Company’s Series B round is one of the largest investments raised in the comfort-tech space within just three years of the company’s inception. It has raised a total of INR 190.4 crore in funding. In July of last year, it raised INR 13.4 crore in a pre-Series A round led by Fireside Ventures.

With this round of funding, Fireside Ventures has increased its stake over 20% in the company. The funds will be utilised to grow the D2C business, expand retail presence and strengthen their team to build a global business. The startup intends to accelerate its penetration across Japan, the UK, and the United Arab Emirates (UAE).

Founded in 2019 by Priyanka Salot and Harshil Salot, The Sleep Company started by making mattresses using smart grid technology, which later got patented. Later, The Sleep Company has also added pillows, cushions, sheets, and smart-grid chairs to its product list.

The Sleep Company is also focused on brand building as there are many new-age brands trying to catch consumers’ attention by offering similar price points, and quality products. It currently competes with other mattress players including Venlinvest-backed WakeFit and Bengaluru-based SleepyHead.

Priyanka Salot, Co-founder of The Sleep Company, said, “A part of this investment will be dedicated to product and technology development, which is key to meeting our larger goal of changing the way the world sleeps and sits.”

Dipanjan Basu, Partner at Fireside Ventures, said, “We have seen them (The Sleep Company) grow very rapidly over the last year with an Omni channel go to market strategy and are excited to double down on our investment and participate in the current round.”

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