The Direct-to-Consumer mattress company, The Sleep Company, raises INR 480 crores for the expansion of approximately 150 new retail outlets; early investor Fireside Ventures offloads a portion of its shares.
The Mumbai-based D2C brand, India Media, has announced plans to expand its retail presence across the country. Known for its range of premium comfort products, the company aims to open between 130 and 150 new stores over the next two years.
The latest funding round secured by the company amounts to INR 480 crore (approximately USD 57 million), a combination of primary and secondary funding. This follows a INR 184 crore (USD 22 million) raise in December 2023 and a INR 177 crore (USD 21 million) raise in 2022.
Early investor Fireside Ventures made a partial exit through the sale of secondary shares. The latest investment round saw participation from private equity firm ChrysCapital and 360 One Asset.
Co-founder Harshil Salot stated that the capital raised is split evenly between the two components. Part of the fresh funding will be directed towards hiring initiatives.
Rajiv Batra, Director and consumer sector lead at ChrysCapital, stated that the investment represents a compelling opportunity to participate in India's broader premiumisation wave.
The expansion will focus on metro and tier-I locations while also entering additional tier-II markets. The brand currently operates about 150–160 exclusive brand stores across ~47 cities and plans to deepen its presence in these areas while also expanding into new ones.
The company, founded in 2019 by Harshil and Priyanka Salot, offers a range of products including mattresses, pillows, bedding, cushions, office chairs, recliners, and sofas. With the recent capital infusion, the brand aims to reinforce its position in the growing market for premium comfort products in India and extend its retail reach to more consumers nationwide.
The brand is also exploring acquisition opportunities within its sector. As part of its omnichannel strategy, the company is pursuing a "ROPO" (research online, purchase offline) strategy, with offline currently contributing the bulk of revenue. The expansion will also see the company entering adjacent comfort categories.
Priyanka Salot noted that consolidation in the industry will continue, reflecting on the competitive landscape. The brand is prepared for this, with plans to ramp up hiring in product development and retail functions.
Sources: 1. The Sleep Company’s Series D disclosure 2. Reporting on The Sleep Company’s Series D and management commentary 3. The Sleep Company’s current store count and expansion plans 4. Geographic focus of The Sleep Company’s expansion 5. Use of funds from The Sleep Company’s Series D proceeds
- The D2C brand India Media plans to utilize part of the INR 480 crore (approximately USD 57 million) funding it secured for hiring initiatives in product development and retail functions.
- With the recently raised capital, India Media aims to reinforce its position in the growing market for premium comfort products and extend its retail reach, focusing on metro and tier-I locations, as well as entering additional tier-II markets.
