Sleepyhead, India's fastest growing furniture startup brand, reported an income of Rs 100 crore in December 2021 and closed in at Rs 150 crore at the end of the fiscal year.
Making its mark as one of the few growth-stage startups that has managed to cross the Rs 100 crore revenue mark within 5 years of its inception. The brand recently expanded its product portfolio by launching a range of home furniture including sofas, sofa-bed, recliners, and beds.
Speaking on Sleepyhead's growth, Mathew Joseph, CEO & Co-Founder, said, ''The online mattress category is growing at 30 per cent, and with our customer-focused approach, we can get a huge share of that growing market to propel our business. We also accelerated our growth by kickstarting our expansion into new categories like Home Living and Décor. We are on track to continue our 2X trajectory growth for next year as well and to achieve this goal, we will be focusing on scaling our portfolio, operation and distribution expansion and team growth.''
The pandemic redefined how young India lived and worked in the past 2 years. D2C brands now have both the consumers' attention and preference.
D2C brands play a huge role in the Indian economy and are forecasted to grow almost threefold and reach $100 billion by 2025.
The mattress and furniture market is also expected to grow at 5.01 per cent CAGR annually between 2021-2025 and at 12 per cent CAGR by 2026. Sleepyhead has an edge for all the three segments, D2C, Mattress, and Furniture, enabling their strategy to always stay ahead in the game.
So far, Sleepyhead has received cumulative funding of Rs 200 crore, with initial funding from the Lighthouse Advisors Pvt. Ltd in 2018 and a growth round in 2021 from the Norwest Venture Partners.
(With inputs from PTI)