Sleepycat will use the funds for new product development, marketing, team building and investment in technology.
New Delhi, October 02, 2019 : Sleepycat, an online direct-to-consumer mattress and sleep-solutions company, was founded by Kabir Siddiq in August 2017.Its mission is to disrupt the sleep category and it is the first company in India to offer doorstep delivery of a ‘mattress-in-a-box’, a product where the mattress is vacuum pressed and delivered in compact boxes which makes logistics very efficient. The companycurrently sellsthrough its own website and Amazon. The brand has seen healthy traction in all channels and is among the top selling brands in Amazon. The company offers high quality mattresses at very competitive price points.
DSG Consumer Partners and Sharrp Ventures led this first round of institutional fundingwith participation from Gemba Capital and other angel investors. The capital raised in this round will be invested towards building the online presence of Sleepycat through channel partnerships, new product launches and building out its management team. The company currently sells 1,500 mattresses a month.
Sleepycat’sproduct portfolio includes a memory foam mattress, latex foam mattresses, waterproof mattress protectors which come as fitted bed covers, 100% organic breathable latex mattress for babies, innovative platform bed base which requires no tools for assembly, and pillows, to complement the existing range of mattresses.
Commenting on the fund raise, Kabir Siddiqsaid, “We are very excited to partner with DSGCP and Sharrp on this journey towards building an innovative sleep solutions company. Our goal is to provide consumers with a great shopping experience and be their go-to brand for high quality sleep products at factory prices. We are looking to build our team, infrastructure and technology with the infusion of funds and happy to have found the right support during this journey.”
Deepak Shahdadpuri, managing director of DSG Consumer Partners, said, “Good sleep quality is critical when it comes to health and wellness, and has become a luxury in the contemporary age. Given that the average person sleeps for a third of their life, the sleep solutions segment has seen little disruption or innovation in India. Sleepycat provides a compelling experience for the customer by simplifying choice at the time of purchase, employing lean distribution channels that enable attractive pricing and offering a 30-day trial period. The brand has been recognized as one of the best mattress brands by Amazon. The company has exciting new sleep solutions products in the pipeline. We are excited to partner with Kabir to build India’s leading sleep solutions brand. It also is a rare specimen for a start-up in being profitable at the time of our investment.”
Additionally, Rishabh Mariwala, founder of Sharrp Ventures, said, “We are very happy to support Kabir on his journey to build SleepyCat into a great direct-to-consumer brand. The positive ratings and reviews the brand has received since inception are lead indicators of their potential. At Sharrp Ventures, Marico’s Family Office, our team is also excited to partner with DSG Consumer Partners in our first co-investment.”
Hariharan Premkumar (DSG Consumer Partners) and Chaitanya Deshpande (Sharrp Ventures) will join the Board of Directors.
Corporate Comm India(CCI NewsWire)
