- This launch activates the brand’s expansion plans of 25+ stores in strategic locations over the next six months
- The aggressive offline push is a pivotal growth driver for The Sleep Company to achieve its goal of INR 500 CR in two years
- Each store will be a unique SmartGRID experience through innovative and aesthetically designed spaces
BANGALORE, India, June 10, 2022 /PRNewswire/ — The Sleep Company, Asia’s SmartGRID mattress pioneers and advocates of the comfort-tech movement in India and Asia, today marked their entry into the offline retail space with the launch of their first flagship store in Koramangala, Bangalore. This store launch is just the beginning of the D2C brand’s aggressive offline retail expansion with plans to launch 25+ stores across the country in the next six months.
With a design that highlights the unique grid structure of the brand’s patented SmartGRID technology, this offline foray extends the reach and accessibility of The Sleep Company’s revolutionary innovations to a wider audience. The Bangalore store as well as the ones planned over the next few months will serve as an important experiential touch point for customers, adding a much needed touch-and-feel element to the D2C brand’s extensive online presence. The company owned and operated (COCO) store will function on a phygital (omnichannel) model where customers can cash and carry small products from the store while placing orders online for their SmartGRID mattresses that will get delivered to their doorstep.
The company’s aggressive offline push, paired with ambitious plans for local as well as global expansion is a part of the brand’s strategic vision and goal to reach a revenue projection of INR 500 CR in the next two years. Forging ahead into the offline market the company plans to open retail stores in strategic locations in states like Karnataka, Hyderabad, Kerala, Chennai, Maharashtra, Gurgaon and in the Eastern regions of India.
Commenting on the store launch, Harshil Salot, Co-founder of The Sleep Company said, “An omnichannel customer experience has always been a part of The Sleep Company’s natural progression and we’re extremely excited to be able to achieve this ambition within just a few years of inception. Over the course of little over two years, we have consistently introduced products that have challenged innovation within the comfort ecosystem and driven our business with a single-minded ambition to deliver customer-obsessed value. This has helped us achieve a growth rate of almost 4X. As a part of this growth story, Bangalore and the southern belt of the country holds immense potential and value for us as almost 40%-45% of our business comes from this region. Therefore we are thrilled to be able to kick-off the next stage of our journey with this city and look forward to growing our offline presence as successfully as our digital presence.
Adding on, Priyanka Salot, Co-founder of The Sleep Company said, “While the last few years have done wonders for the online mattress market, nearly 85% of consumers still prefer buying mattresses offline given that the purchase experience continues to be heavily dependent on a touch-and-feel element. Therefore, as a growth driver it becomes necessary to have multiple touch-points for the consumer to buy our product especially when it’s something as one-of-a-kind as our SmartGRID technology. Our offline retail expansion comes at a time when we are growing aggressively and we’re excited to kick things off with Bangalore considering that it is one of the top cities in terms of market share for The Sleep Company. Furthermore, with Bangalore being the tech-hub of the country and us championing the comfort-tech movement, the city becomes an obvious choice for our first store.”
Within just over two-years, The Sleep Company has achieved milestone after milestone; from becoming one of the most loved brands in the digital marketplace to clocking a revenue run-rate of INR 100 CR. With this expansion The Sleep company scripts its next chapter as not just India, but Asia’s comfort-tech disruptor revolutionizing the way people sleep and sit.
About The Sleep Company
The Sleep Company is one of India’s leading comfort innovation company and the creator of the revolutionary patented SmartGRID mattress. Founded in 2019 by husband-wife duo Priyanka and Harshil Salot, the company aims to offer customers the best sleeping experience that uses science and ergonomics to create the ultimate comfort and optimal support to the body with the best prices, as well as durability. The Sleep Company offers premium products, based on years of meticulous research that is light years ahead of its competitors with technology that is based on cutting-edge developments in the field of material science and sleep science. With customer-centricity at its core, the company has adopted a completely D2C business model; combining the power of the digital marketplace (Amazon and Flipkart) with its own website. Augmenting its discoverability and eliminating inefficiencies in its supply chain, the company has managed to further provide a distinct value proposition to its customers with an accessible premium product. The company recently received fresh funding of INR 13.4CR in a pre-series A Round led by Fireside Ventures as well as participation from LogX Ventures and Varun Alagh, Co-Founder, Mamaearth. For more information, visit TheSleepCompany.in
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