Mattress maker The Sleep Company has raised $22 million (Rs184 crore) in its Series C funding round from existing investors. In a separate development, fintech startup Digivriddhi Technologies has raised $6 million in its Series A funding round led by Omidyar Network India.
The Sleep Company raises $22m
Direct-to-consumer mattress maker The Sleep Company has raised $22 million (Rs184 crore) in its Series C funding round from existing investors Premji Invest and Fireside Ventures.
The startup will use the funds to diversify its product offerings, including an expansion of SmartGRID-based products in additional product categories. It will also energise marketing efforts to enhance brand visibility.
Further, the company plans to open 100 stores in the next six months across Tier-I and Tier-II markets in the country. It currently operates 60 stores in 20 different cities.
“We have witnessed an impressive 6x growth in two years, reaching an ARR (annual recurring revenue) of over Rs 350 crore as of September 2023, a significant leap from Rs 60 crore in November 2021,” said Priyanka Salot, co-founder, The Sleep Company.
The Sleep Company last raised about Rs 177 crore in its Series B funding round led by PremjiInvest in November 2022.
Omidyar leads $6m funding in Digivriddhi
Mumbai-based fintech startup Digivriddhi Technologies (DGV) has raised $6 million (Rs 50 crore) in its Series A funding round led by Omidyar Network India, per a statement.
The financing also saw the participation of existing investors Omnivore and InfoEdge Ventures.
Founded in 2019, DGV will use the capital to improve technology and expand its footprint in Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh, and Maharashtra.
Digivriddhi Technologies is an online payment service, loans, and marketplace for dairy businesses. It last raised a seed round of $3.1 million in November 2021 led by Omnivore and InfoEdge Ventures along with some prominent angel investors.