The Sleep Company, an online retailer of mattresses, has bagged Rs 177 crore in Series B funding round from Premji Invest and Fireside Ventures. The latest funding round also saw participation from venture debt fund Alteria Capital.

Founded by Priyanka Salot and Harshil Salot, The Sleep Company, owned by Comfort Grid Technologie, till date, raised Rs 190.4 crore in funds. It secured Rs 13.4 crore in a pre-Series A round led by Fireside Ventures in July last year. The first round also saw participation from LogX Ventures (pre-Series A) and Varun Alagh, co-founder of Mamaearth (pre-Series A).

The Sleep Company sells a range of products, including mattresses, pillows, cushions, as well as beds and chairs. In the mattress space, the company competes with Sleepwell, Springwel, Duroflex, Kurl-on and Coirfit. Among online brands, its rivals include about half a dozen companies like Wakefit, SleepyCat, Sleepyhead, and SleepX. The company said it patented a “SmartGrid” technology, which, unlike memory foam, provides support to “the right parts of the body” without using springs or latex.

“There are all kinds of players in this market, like legacy brands, which are mainly offline brands, as well as new-age brands. A lot of the industry uses memory foam and spring. We broke the clutter by patenting our product technology. While the company began as digital-first, within three years, we’ve started expanding offline and have three stores in Mumbai, Hyderabad and Bengaluru. The idea will be to own and operate our own stores because third-party commissions in this space are very high,” Co-founder Priyanka Salot said.

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Tags: fireside ventures, Investment, Premji invest, Series B, Startup, Venture Capital