Direct-to-consumer (D2C) sleep solutions startup The Sleep Company’s revenue from operations increased to ₹312.33 crore in FY24 from ₹127.14 crore in FY23, according to the financial statement filed by the company with the Registrar of Companies (RoC).
The D2C startup’s losses increased by 58% to Rs 58.69 crore in FY24 from Rs 37.06 crore in FY23. Its EBITDA margin stood at -15.92%. Expenses increased to Rs 378.68 crore in FY24 compared to Rs 166.68 crore in FY23 and Rs 67.94 crore in FY22. The cost of materials grew 2.4X to Rs 144.74 crore, advertising expenses surged by 89.7% to Rs 101.43 crore and employee benefits increased 3X to Rs 35.94 crore during the fiscal year.
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The Sleep Company’s (TSC) product portfolio includes mattresses ranging from 20,000-70,000 and chairs from 10,000-40,000. The Mumbai-based startup also offers sofas, pillows, cushions, bedding and smart recliner beds. TSC claims to have the largest market share for office chairs in India, having witnessed a 10-fold growth since entering the category. It is looking to double its market share in the next 24 months with the recent launch of its chair brand, ‘ErgoSmart’.
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The startup has 100 company-owned, company-operated stores and plans to add another 100 stores by FY26, according to reports. The firm claims that it is the fastest D2C brand to open these many stores in just two years since entering the offline retail space. The company opened its first store in Bengaluru in June 2022. It raised around $22 million in a Series C funding round from Premji Invest and Fireside Ventures in December 2023. The startup competes with Wakefit and Sleepycat in the space and is eyeing profitability by the end of FY25.
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