The Sleep Company, a comfort-tech brand, has unveiled the second phase of its ESOP (employee stock ownership plan) buyback program for its staff. This buyback initiative will benefit a total of 105 employees, with half of them being women.
Following successful fundraising efforts, including Rs 13.4 crore in pre-Series A funding and a Series B round of Rs 177 crore led by Premji Invest and Fireside Ventures, the company recently secured an additional Rs 184 crore in Series C Funding.
In just four years since its establishment, The Sleep Company has launched the second phase of its ESOP buyback program, demonstrating its commitment to rewarding employees regardless of their seniority. The company initiated its first ESOP buyback program in 2023, amounting to Rs 83.47 lakh.
Founded by Priyanka and Harshil Salot, The Sleep Company offers premium products infused with cutting-edge technology derived from advancements in material science and sleep science. In June 2022, the company expanded its presence into offline retail with the inauguration of its inaugural store in Bengaluru, with plans to establish over 150 stores by the end of 2024.
The company reports significant growth, with its revenue surging by 2.6 times over the past 12 months, reaching Rs 130 crore in sales in 2023. Leveraging its omnichannel approach, The Sleep Company operates over 70 stores nationwide and is on track to achieve its target of 150 stores by the close of 2024.
In a similar vein, audio series platform Pocket FM recently announced its inaugural ESOP buyback valued at $8.3 million. According to data compiled by TheKredible, the total ESOP buyback, payout, and liquidity reached nearly $802 million in 2023. Notably, companies such as MyGate, Classplus, and Meesho have also completed their ESOP buyback schemes in 2024, reflecting a growing trend in the startup ecosystem.
