The Sleep Company, a comfort-tech brand, on Tuesday, rolled out the second tranche of ESOP (Employee stock ownership plan) buyback for its employees. The current buyback will benefit a total of 105 employees, including 50 per cent of women employees, the company said in a statement.
The company rolled out the second tranche of the programme in four years since its inception. In 2023, the company has clocked 2.6 times of revenue growth reaching Rs 130 crore in sales. “Through its omnichannel model, the company has over 70+ stores across the country and is well on its way to opening 150+ stores by the end of 2024,” it said in a statement.
The company rolled out its first ESOP buyback programme in 2023 worth Rs 83.47 lakhs.
The Sleep Company Co-founder Priyanka Salot said, “The Sleep Company introduced its ESOP programme three years ago, with the goal of providing employees with consistent wealth creation opportunities. We strongly believe that every employee must be rewarded for their contribution to the growth and success of the company and thus employees across the board will get the same amount of ESOP under the current plan. The second round of this programme also makes us the only company to offer two rounds of ESOPs within the first four years of business. As we embark into the new year with new challenges, we hope the ESOP buyback option will continue to enrich the lives of our employees and keep them motivated. We are confident that by investing in our people, we are investing in the future of The Sleep Company.”
As part of its growth plans, the company aims to hire over 500 employees by the end of 2024.
Consecutive Fundraise
It raised Rs 183 crore in December 2023 in series C round form Premji Invest and Fireside Ventures. With the help of fresh fundraise, the company plans to use its offline presence, expand in other regions and widen its product basket.
The same group of investors participated in two investment rounds in November 2022 worth Rs 174 crore. According to the founders (said in an interview), the company’s income has increased by 2.6 times. It has raised Rs 13.4 crore in pre-series A prior to then. In order to provide employees with some liquidity, the company is also trying to purchase back employee stock options through the current investment round.
After lowering its burn rate, the business is now preparing to grow internationally. It is now available in the UK and Japan, with plans to soon expand over all of Europe. Currently, the company receives 10 per cent of its revenue from sources outside of India.
As of right now, the founders own 54 per cent of the company, with investors collectively owning about 46 per cent.
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