Private Equity Firm ChryScapital is set to invest more than $ 50 million in the sleep company in a mix of primery and secondary transactions, two people said.
“Some of the earlier investors are expected to exit in part or full and other private equity firms in the fray have opted out,” One of them said.
In April, Moneycontrol Reported that Sleep Company was Negotiating with Kedaara Capital, ChryScapital, IIFL and Others to Raise More Than $ 60 Million.
Kedaara and IIFL have dropped off from the talks to invest in the sleep company, according to the person quoted Above.
The Sleep company and chryscapital did not immediatily respond to mint’s requests for details on the transaction. Kedaara and IIFL, Too, Did Not Respond to Mint’s requests for a comment.
The report added that as part of the discusations the slap company was being at Around $ 400 Million, or About 3,400 Crore. That is double what the company was valied at ₹ 184 Crore “> Raised 184 Crore in a series c fundraising round from existing Investors Premji Investrs and FIRESIDE ventures in November 2023.
Last Year, The Sleep Company, Which Makes Mattresses and Related Products, Told Mint That It Was Betting on Physical Stores to Clock ₹ 1,000 Crore in Revenue By 27 ” 1,000 Crore in Revenue By FY27, and that about 65% of its revionue came from its offline business.
“This year we expect our store network to grow from 100 today to about 150 by March. Additional Cities as Well as, Increasing density in the top rights, “Co-Founder Harshil Salot Told Mint in July Last Year.
The Sleep Company also outlined plans to venture out of India starting with the uk, where it has been investment to explore product market fit. It also plans to enter Europe and North America.
Co-founded in 2019 by the husband-wise team of harshil and priyanka salot, the sleep company makes products products such as mattresses, sofas, recliners, pillows and cushions.
The Sleep Company’s Operating Revenue Rose to 312.3 Crore in FY24 From 127.1 Crore a year earlier. Losses widened to 58.6 Crore from 37 Crore, according to a report by entrackr.
The Sleep Company Competes with Wakefit, Sleepwell, Sleepycat, Duroflex, and Kurl-On. Duroflex, which houses the sleephead brand, as well as wakefit are prepaering for an initial public offering.
India’s mattress market, which was valued at $ 2.3 billion in 2024, is expected to grow at a compound annual growth rate of 6.1% over the next 8 years to Reach $ 4 billion, According to an Estimet The imarc group.
The Market Research Firm Added that Rising Disposable Income and Urbanization, Increasing Awareness About Sleep Health and Comfort, Growth of E-Commerce and Online Retail Channels, An expanding middle class and channging Lifestyles, and Technological Advancements in Mattress Design and Materials are contributing to the growth in the mattress market.