Homegrown mattress brand The Sleep Company has announced raising Rs 480 crore ($54.7 million) in a Series D funding round led by private equity major ChrysCapital, as competition intensifies in India’s $2-billion sleep solutions market amid a wave of consumer premiumisation.
The firm, which also saw participation from wealth manager 360 ONE, plans to use the funds for capital expenditure (capex), research and development (R&D), and leadership hiring as it eyes deeper penetration in metro and tier-1 cities while expanding its footprint in tier-2 markets and entering adjacent categories in comfort technology.
Founded in 2019, the omnichannel-first brand operates over 150 stores across India and has emerged as a formidable player in the premium mattress and seating category. The company last raised Rs 184 crore in a Series C round from Premji Invest and Fireside Ventures.
Sources told DealStreetAsia that Fireside Ventures made a partial exit through secondary share sales in this round.
ChrysCapital’s investment signals growing private equity interest in India’s consumer health and comfort categories.
“This is a compelling opportunity to participate in India’s broader premiumisation wave,” said Rajiv Batra, Director at ChrysCapital. “We believe The Sleep Company is poised to become a dominant force not only in sleep solutions but across the wider comfort and wellness landscape.”
The Sleep Company competes with players including IPO-bound rivals like Wakefit and Duroflex (owner of Sleepyhead), and newer entrants like WoodenStreet’s “Penguin Sleep,” which are all eyeing a larger slice of India’s post-pandemic wellness pie.
Sheela Foam, which owns Sleepwell, acquired Kurlon for Rs 2,035 crore two years ago and holds a 35% stake in furniture rental platform Furlenco.
With this round, The Sleep Company joins ChrysCapital’s growing consumer portfolio, which includes Lenskart, FirstCry, XpressBees, and WOW Skin Science.
Avendus Capital advised The Sleep Company on its fundraise.
