D2C Brand The Sleep Company Secures INR 480 Cr to Open Around 150 New Stores Early investor Fireside Ventures has made a partial exit through the sale of secondary shares.
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The Sleep Company has secured INR 480 crore (about USD 57 million) in a combination of primary and secondary funding, with private equity firm ChrysCapital and 360 One Asset participating in the investment.
Early investor Fireside Ventures has made a partial exit through the sale of secondary shares. According to co-founder Harshil Salot, the capital raised is split evenly between the two components, with the primary funds set to be used for strengthening teams and expanding the company's retail presence.
The Mumbai-based D2C brand plans to open between 130 and 150 new stores over the next two years. This expansion will build upon its current footprint of 160 outlets spread across 47 cities. The company will focus on growing in metro and tier-I locations while also entering additional tier-II markets.
"This investment also represents a compelling opportunity to participate in India's broader premiumisation wave, where consumers are increasingly gravitating towards high-quality, science-led, and design-first products that enhance everyday living," said Rajiv Batra, Director and consumer sector lead at ChrysCapital.
Founded in 2019 by Harshil and Priyanka Salot, the company offers a range of products including mattresses, pillows, bedding, cushions, office chairs, recliners, and sofas. It sells through both e-commerce platforms and physical retail stores.
Employing about 1,500 people, the brand is also preparing to ramp up hiring in product development and retail functions, with part of the fresh funding directed toward these initiatives.
The latest funding round follows a INR 184 crore (USD 22 million) raise in December 2023 from Premji Invest and Fireside Ventures. In 2022, the company had secured INR 177 crore (USD 21 million) in a round led by Premji Invest, with participation from Fireside. The firm is also exploring acquisition opportunities within its sector.
Reflecting on the competitive landscape, Priyanka Salot noted that when the company began operations five-and-a-half years ago, new brands were entering the market every few months. Many of these players have since exited or been acquired, and she anticipates that consolidation in the industry will continue.
With its recent capital infusion, The Sleep Company aims to reinforce its position in the growing market for premium comfort products in India while extending its retail reach to more consumers nationwide.
