Fri. Mar 29th, 2024

Sleepycat, an online direct-to-consumer mattress and sleep-solutions startup, has bagged ₹11 crore in its first round of institutional funding led by DSG Consumer Partners, and Sharrp Ventures. While, Gemba Capital, and other angel investors participated in the round of Sleepycat.

The platform Sleepycat said that the capital raised will be invested towards building the online presence of Sleepycat through channel partnerships, new product launches and to build its management team. Currently, it sells 1,500 mattresses per month.

Post transaction, Sleepycat will consume Hariharan Premkumar of DSG Consumer Partners, and Chaitanya Deshpande of Sharrp Venture as its board of directors.

Kabir Siddiq, Founder & CEO, SleepyCat, said, “We are very excited to partner with DSGCP and Sharrp on this journey towards building an innovative sleep solutions company. We are looking to build our team, infrastructure, and technology with the infusion of funds, and are happy to have found the right support during this journey.”

Sleepycat was founded by Kabir Siddiq in August 2017. The platform is to disrupt the sleep category and claims to be 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. The company Sleepycat currently ships pan-India through its own website as well as on Amazon.

Deepak Shahdadpuri, Managing Director of DSG Consumer Partners, said, “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. We are excited to partner with Kabir to build India’s leading sleep solutions brand.”

The brand Sleepycat’s current product portfolio includes memory foam mattress, latex mattress (for adults and babies), waterproof mattress protector, platform bed base, and pillows.

Furthermore, 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 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.”

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