Direct-to-consumer startup The Sleep Company has raised Rs 177 crore in debt and equity in a Series B round led by Premji Invest and Fireside Ventures, with participation from venture debt firm Alteria Capital.

The company plans to use the funds to expand its retail operations and strengthen its teams to build a global presence. The company said in a November 3 statement that it had entered newer regions such as Japan, the United Arab Emirates and the United Kingdom.

Founded in 2019 by Priyanka Salot and Harshil Salot, The Sleep Company is a technology-based consumer company that aims to provide customers with a sleep experience that leverages science and ergonomics at an affordable price, durability and optimal support to create comfort for the body.

In an industry with an average growth rate of 40%, The Sleep Company has proven itself to be the fastest-growing D2C brand with an unprecedented 400% annual growth rate, it said in the statement.

With its first retail store in Bangalore in June 2022 and a second retail store in Hyderabad in August 2022, The Sleep Company plans to enter the offline retail space, including opening 25 in the next few months.

The company has raised a total of Rs 190.4 crore to date (Rs 13.4 crore in pre-Series A round led by Fireside Ventures and Rs 177 crore in the Series B round led by Premji Invest and Fireside Ventures). These rounds also included participation from LogX Ventures in pre-Series A, Varun Alagh, co-founders, Mamaearth in pre-Series A and Alteria in Series B. The company competes directly with the likes of Wakefit, SleepyHead and Duroflex.