Direct-to-consumer (D2C) sleep solutions brand SleepyCat on Monday said it has raised $3.8 million (about Rs 28 crore) in funding led by Saama Capital.
The round also saw participation from existing investors - DSG Consumer Partners and Sharrp Ventures (Mariwala family office).
This is the second external fundraise by the company since August 2017. It had raised $1.6 million in funding led by DSG Consumer Partners and Sharrp Ventures in September 2019.
"SleepyCat is disrupting an existing category with purpose-driven products designed to increase the comfort and self-care quotient further up for the Indian consumers. We want to change the way people shop for mattresses and other sleep products, direct from the factory..." SleepyCat founder and CEO Kabir Siddiq said.
With this fundraise, the company will focus on design innovation and build world-class sleep solution products while expanding its manufacturing and distribution capabilities, he added.
With the new round of funding, SleepyCat plans to galvanise research and development efforts. Centred around its premium vacuum-pressed doorstep-delivered mattresses, the company is expanding its portfolio of holistic sleep wellness products to include pillows, comforters etc.
"In the short time since it launched, SleepyCat has been able to create significant brand love amongst its users which reflects in the impressive performance metrics. We are excited to partner with SleepyCat to make it India's leading sleep solutions brand deeply rooted in product innovation and customer satisfaction," Saama Capital Partner Kiranbir Nag said.
Despite the product being a discretionary purchase, the company has been on a healthy growth trajectory through the pandemic, Hariharan Premkumar, Head of India at DSG Consumer Partners, added.
Based in Mumbai, SleepyCat ships over 10,000 products a month across categories.
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