Indian mattress startup The Sleep Company is in advanced talks for nearly $20 million in funding, according to sources familiar with the matter. The funding round is being led by British International Investment (BII), the UK government's development finance institution and impact investor.
The company's latest fundraising round is a sign of the growing investor interest in the Indian sleep products market. The market is expected to grow at a CAGR of over 20% in the coming years, driven by factors such as increasing urbanization, rising disposable incomes, and growing awareness of the importance of sleep health.
The Sleep Company is well-positioned to capitalize on this growing market. The company has a strong brand presence, a wide range of innovative products, and a strong distribution network. The fresh capital will help the company to accelerate its growth and expansion plans.
The fresh capital will help The Sleep Company to:
- Expand its pan-India presence to 40 cities by the end of FY 2023-24.
- Strengthen its charging network.
- Invest in the day-to-day running of the firm.
The latest fundraising round by The Sleep Company is a sign of the growing investor interest in the Indian sleep products market. The market is expected to grow at a CAGR of over 20% in the coming years, driven by factors such as increasing urbanization, rising disposable incomes, and growing awareness of the importance of sleep health.
Consumers can expect to see more innovative sleep products from The Sleep Company in the coming years. The company's expansion plans will also make its products more accessible to consumers across India.
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