In the latest funding deals, The Sleep Company has raised about $21.3 million (Rs177 crore) in its Series B round led by PremjiInvest, while cashback and coupons platform CashKaro has raised $15.7 million in its Series C funding round.
PremjiInvest backs The Sleep Company
Mattress maker The Sleep Company has raised about $21.3 million (Rs 177 crore) in its Series B funding round led by PremjiInvest. The financing also saw the participation of Fireside Ventures and venture debt fund Alteria Capital, per an announcement.
The company, which has raised a total of Rs 190 crore in funding till date, will use the fresh capital to establish a larger offline distribution system, in overseas expansion, and to hire people for its product and R&D department.
The Sleep Company also plans to strengthen its base in the UAE, Japan, and the UK, where it already has a presence.
Currently, the company has three experience centres, one each in Bengaluru, Hyderabad, and Thane. It looks to grow the number to 25 by the end of FY23 mostly across the top cities of the country. The Sleep Company is eyeing revenues of Rs 200 crore this year.
Affle Global leads funding in CashKaro
Cashback and coupons platform CashKaro has secured $15.7 million (Rs 130 crore) in its Series C funding round led by Affle Global Pte. Ltd.(AGPL), it announced on Thursday.
Affle Global, a wholly-owned subsidiary of Affle Holdings Pte Ltd, made this investment in Pouring Pounds UK, the parent entity of Pouring Pounds India, that houses the brands CashKaro and EarnKaro.
Including this round, CashKaro has so far raised over Rs 255 crore from prominent investors such as Kalaari Capital, Ratan Tata, Korea Investment Partners, and more.
“We felt it was the right time to raise money and scale up our user acquisition, marketing, expansion into new business verticals, product development, and hiring new talent,” said Swati Bhargava, Co-Founder, CashKaro & EarnKaro.
“This investment would strategically strengthen our unique business-to-consumer (B2C) engagement model as we scale CashKaro from our current 20 million user base to 100 million+ over the next few years,” added Rohan Bhargava, Co-Founder, CashKaro & EarnKaro.
CashKaro posted revenues of Rs 100 crore in FY21 and Rs 225 crores in FY22.