- India’s fastest growing D2C brand to open 100 COCO (Company-owned, Company-operated) stores in just two years since venturing into offline retail.
- Eyes INR 1000 crore revenue in the next 2-3 years.
- The Sleep Company has a track record of doubling sales every year since inception, documenting 2.3X surge in sales in 2023.
- TSC plans to have 150+ TSC experience centres and expand its footprint from existing 30 to 50 cities by the end of 2024.
Mumbai, July 11th, 2024: The Sleep Company (TSC), India’s leading comfort-tech brand, is eyeing to achieve profitability by the end of FY25. The company has embarked on its brand-building journey for the last 12 months, with nearly one-third of its expenditure now allocated to brand building. Having launched its 100th store in India, the company is further looking to solidify its market position by enhancing its omnichannel presence. In order to support this, the company has set its advertising and marketing budget to be INR 80-85 Cr for FY25. While 75-80% expenditure will be on digital platforms, traditional media spending will be around 20-25%.
In just 4.5 years since its inception, the company has touched a significant milestone of achieving INR 500 crore ARR (Annual Recurring Revenue). It is India’s fastest D2C brand to open 100 COCO (Company-owned, Company-operated) stores in just two years since venturing into offline retail. The company opened its first store in Bengaluru in June 2022.
The Sleep Company is well-positioned to reach the INR 1000 crore revenue mark in the next 2-3 years. This smart goal is leadership’s strategic vision and will be driven by a comprehensive growth strategy, with expansion plans across India.
The Sleep Company has doubled sales every year since inception, documenting a 2.3X surge in its sales last year. The company drives 85% of its sales from its omni-channel presence, including physical stores and online, through its website. It has the largest market share for office chairs in India, having witnessed a remarkable 10X growth since the inception of its chair category. It is looking to double market share in the next 24 months with the recent launch of its chair brand, ‘ErgoSmart by The Sleep Company’.
The Sleep Company Co-founder Priyanka Salot said, “Innovative products, a strategic omnichannel presence, and a determined focus on customer satisfaction have fuelled our tremendous growth and expansion. Central to our success is our proprietary SmartGRID technology, which gives us a distinct advantage in the market. Our long-term objective is to become the undisputed leader in our field by continually introducing innovative products and expanding our offerings. We believe that integrating AI into our solutions will further enhance the customer experience. We are deeply grateful to everyone who has played a part in this journey and we are concerned about the interest of all our stakeholders. Our commitment to enhancing people's lives with our top-notch sitting and sleep solutions is stronger than ever.”
Founded in 2019 by Priyanka and Harshil Salot, TSC is the world's first and only provider of SmartGRID technology, revolutionizing sleep and sitting solutions. As one of the country’s fastest growing brands, it is at the forefront of reshaping both the D2C and the omnichannel landscape in the mattress industry. The company offers a host of products including mattresses, sofa, pillows, cushions, bedding, office chairs, smart recliner bed etc.
Commenting on this achievement, Ripal Chopda, Chief Marketing Officer of The Sleep Company, said, "Reaching our 100th store signifies our team's dedication and the trust our customers have placed in us. Through our COCO model, we control the in-store experience, and our sleep labs give them first-hand touch and feel of the technology behind our products, elevating the customer engagement. We are now gearing up for a new phase of growth, driven by strategic marketing initiatives predominantly towards brand building initiatives. Our focus will be on creating more personalized and engaging experiences for our customers, leveraging data-driven insights and innovative campaigns to elevate our brand.”
The Sleep Company’s marketing blueprint includes a significant push in digital marketing, driven by a tailored media mix model for each market. These media channels will include platforms such as TV in regional markets, print media, and social media. As part of TSC’s marketing strategy, the company has been leveraging its collaborations with prominent Bollywood and TV celebrities to engage with its existing and potential consumers.
About The Sleep Company:
The Sleep Company is Asia's first and only provider of SmartGRID technology, revolutionizing sleep and sitting solutions. As one of India's fastest-growing brands, it is reshaping both the direct-to-consumer (D2C) and omnichannel landscapes while driving innovation in the mattress industry. Founded by the visionary couple Priyanka and Harshil Salot, The Sleep Company began as a pursuit of scientifically supported mattresses and has evolved into a brand dedicated to enhancing consumers' sleeping and sitting experiences.
The company offers premium products resulting from meticulous research that stands light years ahead of competitors, with technology rooted in cutting-edge developments in material science and sleep science. Initially adopting a purely D2C model, The Sleep Company has since transitioned into an omnichannel powerhouse. In June 2022, the company marked its foray into offline retail with the launch of its first store in Bangalore, setting ambitious goals to open over 150+ stores by the end of 2024.
By enhancing discoverability and streamlining supply chains, The Sleep Company consistently delivers a distinctive value proposition with accessible premium products. After securing INR 13.4 crore in pre-Series A, and INR 177 crore in a Series B round led by Premji Invest and Fireside Ventures, the Company has now secured INR 184 crore in Series C Funding.
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