The company is about to launch its 100th COCO store on 11 July, located in Mumbai
Bengaluru: Mumbai-based sleep solutions provider The Sleep Company (TSC) has touched a milestone of achieving Rs 500 crore annual recurring revenue (ARR), according to the company’s recent press release.
Two years after venturing into offline retailing, the company is about to launch its 100th company-owned, company-operated (COCO) store on 11 July, located on the Linking Road, Bandra West, Mumbai.
“We are extremely excited to reach this significant milestone of having 100 stores in India and we remain steadfast in our dedication to pushing the boundaries of comfort and productivity with deeper market penetration,” said co-founder Harshil Salot.
The company’s operating revenue surpassed Rs 127.14 crore in fiscal year (FY) 2023, witnessing a jump from Rs 74.05 lakh in FY20.
Currently, it is targeting to reach the Rs 1,000 crore revenue mark in the next 2-3 years and to strengthen its workforce, from current 1,000 headcount to 1,300-1,400 employees by the end of 2024.
“We are now looking to enhance our position as a ‘House of Brands’ and expand our product line while setting new standards in the industry. The integration of AI into our future products will help us further enhance customer experience. We are extremely grateful to our people, customers and investors for being a part of this growth journey,” said co-founder Priyanka Salot.
Since December 2022, the company has opened one store every 4-5 days and it drives 85% of its sales from its omni-channel presence, including retail stores and online through its website.
The retailer has the largest market share for office chairs in India, having witnessed 10 times growth since the inception of its chair category. It is looking to double market share in the next 24 months with the recent launch of its chair brand, ‘ErgoSmart by The Sleep Company’.
Founded in 2019, The Sleep Company offers a host of products including mattresses, sofas, pillows, cushions, bedding, office chairs and smart recliner beds. The digital-first brand opened its first store in Bengaluru in June 2022 and is aiming to open over 150 stores by the end of 2024.
The company has so far raised Rs 184 crore in a series C funding round from Premji Invest and Fireside Ventures in December 2023, Rs 177 crore in a series B funding round led by Premji Invest, Fireside Ventures, and Alteria Capital, and Rs 13.4 crore in a pre-series A funding round.
