Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by SleepyPanda.
With the advent of young Indian players and big brands in the Indian Mattress industry, many customers have switched from traditional street-side shops and local 'Bhaiyas' to branded mattresses. It is undeniable that the organized sector is multiplying in India with rising demand for good quality mattresses by customers. One of the startups in this industry, SleepyPanda is here with its innovatively designed mattresses.
Founded by Monica Thakur, Suhas Masuti, and Veerendra Koujalagi, SleepyPanda is gearing to disrupt the bedding industry! Since its inception, SleepyPanda has been growing immensely, with 35 mattresses sold in the first week itself. The company targets to sell at least 1200 mattresses per month and secure 100 Cr sales by the end of FY21.
StartupTalky interviewed Ms. Monica Thakur, Founder & J.MD of SleepyPanda to get insights into the Startup Journey and Growth Story of SleepyPanda. Know all about SleepyPanda's products, How SleepyPanda started, its history, future plans, founder, competitors & more in the article ahead.
SleepyPanda - Company Highlights
| Startup Name | SleepyPanda |
|---|---|
| Founder | Monica Thakur, Suhas Masuti, Veerendra Koujalagi |
| Founded | 2020 |
| Headquarters | Bangalore |
| Industry | Bedding, Sleep Wellness, Mattress |
| Funding | Bootstrapped |
| Website | sleepypandaindia.com |
SleepyPanda - About and Vision
SleepyPanda - Mattress/Bedding Industry Details
SleepyPanda History - How it Started
SleepyPanda - Products/Services
SleepyPanda - Founders
SleepyPanda - Name Meaning and Logo
SleepyPanda - Growth
SleepyPanda - Business Model and Revenue Model
SleepyPanda - Competitors
SleepyPanda - Tools used to run startup
SleepyPanda - Future Plans
SleepyPanda - FAQs
SleepyPanda - About and Vision
SleepyPanda deals with the mattress and provides comfort at an affordable price. SleepyPanda kicked off in 2020 with a simple idea to improve peoples’ well-being through comfy sleep experiences.
- The long-term vision of SleepyPanda - To get into the furniture business as well.
- The short-term vision is to get the change in sleeping style from using traditional to modern mattresses.
- The Core Belief of SleepyPanda - "People should get this Quality and comfort across pan India"
SleepyPanda - Mattress/Bedding Industry Details
- SleepyPanda Industry -The bedding industry
- Target market size- Age group 20 to 60 years pan India
- Future Prospects of SleepyPanda in the next five years - In Top 5 best mattress brand
The memory foam bedding market is gearing for growth of more than INR 300 crore by 2022. Given the current scenario, memory foam is touted as an 'In' thing. Body pain and aches are appearing to be driving up the demand for memory foam. Who would have thought that our key working hours and day will be spent working on the bed? Sleep has never been more critical - and challenging - during periods of stress, fatigue, and untimely routines. Changing lifestyle and working patterns —are leading to create this new market for the startups. The bedding industry and mattresses as a category have welcome news for this industry.
The wave of technology has revolutionized the sleep industry. With huge expertise in coir, cotton, and foam, the unorganized sector has a significant role in the Indian mattress industry. The Indian mattress market is expected to grow at a CAGR of 10 percent and is on route to attain a USD 2.5 Bn mark by the year 2022.
Chayanika Goswami
SleepyPanda History - How it Started
Reminiscing the start journey of SleepyPanda, Monica Thakur (Founder of SleepyPanda) says -
"We got into the mattress business because I didn't like the people who do not believe in Modern mattresses. As with thought, my mother and other family members too were facing back pain issues due to traditional mattresses, thus there comes thought for purchasing a modern mattress and to experience the WOW feeling!
When I went with my mother to shop for a new mattress. This idea of having a business in the bedding industry came to my mind. We were still sleeping on the mattress that we had purchased 7 years back after shifting to a new house. I wanted to continue with the same but the issue is not 1 or 2 they were many hence we decided to get a new mattress. I personally felt I should not repeat the same mistake that we have done 7 years ago. So was hunting for a good mattress to solve the issue of my family because, Good sleep=Happy Family.
After experiencing the buying process, I felt, nothing had changed, and we were depressed. The stores were dull and unfriendly, the salespeople pushy, and showed 2 to 3 varieties of the mattress. Also, we felt awkward to have a trial at a store in front of people and were uncomfortable too.
The sales and prices were different in every store, so it was impossible to compare the shops, and I later learned that this is actually a confusing state for us. We came back with an empty hand and my mind full of business ideas with the bedding industry. Which would not just build a better mattress, it would totally change the mattress buying experience.
When I did not find my wow feeling I decided to give this to all the people across Pan India with just a single click. This idea of having a bedding industry came to my mind with the behind the scene story which was matching with other business partners too and we decided to get a life for Sleepypanda comforts Pvt Ltd. Through various google research, we found that comfortable sleep requirement is never-ending demand. Hence we started with this"
SleepyPanda - Products/Services
Sleepypanda Comforts Private Limited is the manufacturer and wholesaler of Vita Ortho Memory Foam Mattress, Mattress Protector, vita Ortho and Luna dual comfort Ortho mattresses, natural yoga mats (Samba, Darba, Banana), Sofa cum bed, memory foam, and microfiber pillows.
USP and How the Product Works
SleepyPanda helps you to get rid of sleepless nights. Its Vita Ortho memory mattress helps to get relief in Backache, Cool gel technology used in memory foam helps to maintain the body temperature as per the room temperature, 100 night trial period - if the customer doesn't like the product then they can return it with full refund assured.
Indian consumers are still unaware of the necessity of a modern bedding space in today’s hectic and chaotic lifestyle. As a result, they continue to use traditional products, which not only fail to guarantee quality but are also highly overpriced. SleepyPanda endeavors to change this perception. The brand also provides 100-night trials of ortho mattresses so that consumers can make experience-based decisions after using them firsthand. Other added benefits include free shipping and a whopping 10-year warranty.
Chayanika Goswami
SleepyPanda - Founders
Monica Thakur, Suhas Masuti, and Veerendra Koujalagi are the founding team of SleepyPanda.
"We are Mutual friends and one day I informed them of the idea behind good sleep and everyone showed interest to start this brand" Monica added.
Stressing on SleepyPanda's Work culture, Monica says - It is flexible. Employees are encouraged to work when they like and how they like it's just that the work should be effective and completed in time.
SleepyPanda - Name Meaning and Logo
The significance of the name SleepyPanda - As pandas live half of their life in resting, enjoying, and sleeping, Panda was incorporated in the name and logo. The team wants users of its mattress to experience the same sleep as a panda with no worries.
SleepyPanda - Growth
Since its inception, SleepyPanda has been growing immensely, with 35 mattresses sold in the first week itself. The company targets to sell at least 1200 mattresses per month and secure 100 Cr sales by the end of FY21. Although the brand is present in PAN-India, it majorly aims to cater to the South India market, including Bangalore, Tamil Nadu, Hyderabad, Telangana, Kerala, followed by Mumbai and Goa.
Further, it looks forward to becoming a thought leader in the modern bedding space by crafting high-quality products to address all consumer concerns, while also giving back to society through various CSR initiatives, and thus making a difference in the world, globally.
SleepyPanda - Business Model and Revenue Model
SleepyPanda's business model is simple, B2C i.e, Business to Consumers. It is the process of selling products and services directly between a business and consumers. SleepyPanda makes money by selling its products online.
SleepyPanda - Competitors
SleepyPanda's top competitors are Wakefit, Sleepycat, Emma, flo Mattress, and Duroflex.
Anagha S
SleepyPanda - Tools used to run startup
Few tools which SleepyPanda uses to run the startup - Google Analytics helps SleepyPanda to track the traffic on its website and Freshdesk for CRM ticketing tool.
SleepyPanda - Future Plans
SleepyPanda plans to add new technology depending upon the demand and requirement. "Once the bedding industry is set we will get into home furniture." says Monica Thakur, Founder of SleepyPanda.
SleepyPanda - FAQs
What is SleepyPanda?
SleepyPanda deals with the mattress and provides comfort at an affordable price.
Who are the founders of SleepyPanda?
Monica Thakur, Suhas Masuti, and Veerendra Koujalagi are the founding team of SleepyPanda.
Is SleepyPanda an Indian Company?
Yes, SleepyPanda is an Indian company headquartered in Bangalore.
How SleepyPanda makes money?
SleepyPanda's business model is simple, B2C i.e, Business to Consumers. it makes money by selling products online. Its products include - Vita Ortho Memory Foam Mattress, Mattress Protector, Microfibre Pillows, etc.,
Author: Jeenal Jain
Source : https://startuptalky.com/sleepypanda-success-story/
Date : 2021-07-13T09:13:40.000Z