Enhancing Sleep Comfort
With a vision to becoming a synonym for superior comfort and wellness, The Sleep Company plans to double down on its store presence in the next 12 months
The Sleep Company chose to enter the sleep and comfort sector due to its deep belief in the critical role that quality sleep plays in overall well-being. Founded by Priyanka Salot and her husband Harshil Salot in 2017, the brand's journey began with their personal quest for the perfect mattress. She explains, “Our mission is to enhance sleep experiences with advanced technology and customer-focused solutions.”
With a focus on sustainability and comfort, it is dedicated to create products that not only improve sleep quality but also promote a healthier lifestyle, making restful nights a reality for everyone.
Customer-first Approach
According to Salot, there are three defining trends in the sector that she believes will endure. First, The Sleep Company’s COCO (Company-Owned, Company-Operated) stores have become a cornerstone of their strategy.
Second, the integration of advanced technologies, such as the innovative SmartGRID system, continues to propel innovation in sleep comfort. Third, the company’s ‘ROPO’ (Research Online, Purchase Offline) model is gaining increasing significance. This approach empowers customers to explore and evaluate products online before making a purchase in-store.
Funds In Action
The Sleep Company hit a milestone in its funding journey. In December 2023, the brand raised Rs 184 crore in a Series C funding round, attracting investments from prominent firms such as Premji Invest, Fireside Ventures and Alteria Capital. These funds will play a crucial role in supporting the company’s ambitious strategy to double its store count to 200 within the next 12 months, expand its product offerings and further enhance its omnichannel presence.
In the last quarter and broadly over the past financial year, the company has touched an ARR of Rs 500 crore in 4.5 years. Its strategic focus on expanding physical presence has paid off handsomely, it has opened 100 COCO stores in two years, with each store achieving EBITDA profitability since inception.
Growth Plans
The company is set to drive growth through strategic expansion and innovation. Salot shares, “Our immediate goal is to increase our footprint across India, aiming to open over 150 stores by the end of 2024 and extending our presence to 50 cities.” In addition, The Sleep Company has secured patents for its innovative SmartGRID technology in several countries across Asia and Europe.
Looking ahead, The Sleep Company envisions becoming a global leader in the comfort and wellness industry. She reiterates, “We are dedicated to transforming sleep health worldwide and continuing to innovate in ways that make people sleep and sit better, ultimately establishing The Sleep Company as a synonym for superior comfort and wellness.”
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