The Sleep Company To Raise INR 105 Cr From Saffron Investments, Others

D2C mattress startup The Sleep Company is set to raise INR 105 Cr ($12.3 Mn) in its Series D funding round led by Saffron Investments.

The round will also see participation from Carillon Investments and Infinity Partners.

As per The Sleep Company’s MCA filings, the startup passed a board resolution approving the issuance of 19,093 Series D Compulsorily Convertible Preference Shares at an issue price of INR 55,130 each to raise the aforementioned amount.

Of the total INR 105 Cr, Saffron Investments will pump INR 87.7 Cr, while Carillon Investments B.V. and Infinity Partners will infuse INR 9.7 Cr and INR 7.7 Cr, respectively.

The capital will be deployed for growth, expansion and general corporate purposes.

Entrackr reported the development first.

Earlier in April, Moneycontrol reported that the company was in talks with Kedaara Capital, ChrysCapital, IIFL, and others to raise over $60 Mn. More recently, Mint reported that private equity firm ChrysCapital is set to invest more than $50 Mn in the company.

Founded in 2019 by IIM-Calcutta alumni Harshil and Priyanka, The Sleep Company is a D2C brand offering mattresses, recliner beds, pillows, seat cushions, office chairs, and other bedding accessories. It sells through both online and offline channels.

The company differentiates itself by offering products that address a key consumer pain point — traditional mattresses made from memory foam, latex, or springs tend to be either too soft or too firm, but not both.

It counts Fireside Ventures, Premji Invest, Alteria Capital, LogX Ventures and Mamaearth cofounder Varun Alagh among others.

The Sleep Company operates in Indian mattress market, expected to touch $3.2 Bn by 2029.

Once dominated by legacy brands like Kurl-on (now part of the Sleepwell portfolio), Duroflex, and Springwel, the mattress industry began evolving post-2016 with the emergence of new-age brands like Wakefit, Sunday, Flo, Sleepycat, and The Sleep Company.

On the financial front, the company reported arevenue of INR 328.19 Cr in FY24. Its net loss stood at INR 48.31 Cr, up 30.35% from INR 37.06 Cr in FY23.

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