The Sleep Company, a startup specializing in sleep solutions, has initiated the second phase of its employee stock ownership plan (ESOP) buyback program for its staff members.
The company announced that the ongoing buyback, valued at INR 2.4 Cr, will benefit 105 employees, with 50% of them being female staff members.
Last year, Mumbai-based The Sleep Company launched the initial phase of its ESOP program valued at INR 83.47 Lakh, benefiting approximately 62 employees.
The new buyback will offer benefits to employees ranging from junior executives to senior leadership across all departments and teams.
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“We genuinely think that each worker should be compensated for their contributions to the expansion and prosperity of the business. As a result, under the present model, every employee will get the same amount of ESOP. Priyanka Salot, co-founder of The Sleep firm, said, “With the second round of this programme, we are pleased to be the sole business offering two rounds of ESOPs within the first four years of operation.”
Established in 2019 by Priyanka Salot and Harshil Salot, The Sleep Company is a comfort-tech startup that provides smart mattresses, chairs, comforters, recliner beds, and pillows, all powered by its patented SmartGRID technology. The company aims to enhance consumers’ sleeping and sitting experiences.
Initially starting with a strictly direct-to-consumer (D2C) and online-only approach, The Sleep Company has now shifted to an omnichannel model and operates over 75 brick-and-mortar stores in cities including Bengaluru, Hyderabad, Chennai, Mumbai, Pune, Delhi, and Ahmedabad, among others.
To strengthen its foothold in tier I and II markets, the company aims to expand to more than 150 stores by the end of 2024. As part of its growth strategy, The Sleep Company also plans to onboard over 500 employees by the end of the year.
Within the next two years, the company aims to expand internationally and achieve a valuation of INR 1K Cr.
The Sleep Company experienced a 2.6X increase in its revenue over the past 12 months, generating sales of INR 130 Cr in 2023.
In 2022, The Sleep Company secured INR 177 Cr in its Series B funding round, led by Premji Invest. The equity round also included contributions from Alteria Capital and existing investor Fireside Venture.
In 2023, the company additionally secured INR 184 Cr in its Series C funding round, with Premji Invest and Fireside Venture taking the lead.
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The Sleep Company competes with brands such as Wakefit, Sunday Mattresses, Sleepsia, Sleepyhead, and SleepyCat, among others.
According to a report, as of 2022, India’s sleep solutions and mattress market was estimated to be worth approximately $2.5 billion (around INR 20,000 Cr).
