The Sleep Company raises Rs 480 Cr in primary and secondary funding

Sleep solution startup The Sleep Company has raised Rs 480 crore ($56 million) in an equal mix of primary and secondary funding rounds, with ChrysCapital and 360 One Asset as lead investors.

According to an ET report, Fireside Ventures made a partial exit through secondary share sales, while the equity funding will be used for team development and the company’s retail expansion footprint.

Last week, Entrackr exclusively reported about The Sleep Company’s upcoming funding round. The company last raised $22 million in a Series C round led by Premji Invest and Fireside Ventures in December 2023.

Founded in 2019, The Sleep Company is a D2C sleep solutions startup that offers a variety of products, such as mattresses, pillows, cushions, bedding, and office chairs. The company distributes its products through both e-commerce platforms and offline retail channels.

The company intends to expand its presence by adding 130 to 150 new stores over the next two years, in addition to its existing network of 160 stores across 47 cities.

According to startup data intelligence platform TheKredible, The Sleep Company has raised more than $100 million to date from the likes of Premji Invest and Fireside Ventures.

For the fiscal year ended March 2024, The Sleep Company’s revenue surged 2.5X to Rs 312 crore from Rs 127 crore in FY23. Despite the growth, the losses of the company rose by 58% to Rs 58.69 crore during the same period.

It competes with Wakefit, SleepCat, and Duroflex, among others. Wakefit recently filed its DRHP with SEBI to raise Rs 468 crore via fresh issue.