As the start-up ecosystem evolves and develops, entrepreneurs are finding their niche in ideas that get quirkier and outlandish, but carry a potential to disrupt the flow of things.
Trying to cement their place in a market dominated by brands like Kurlon, Sleepwell and Springwel are a clutch of start-ups born in the last two to three years that are introducing ‘’mattresses’’ with an innovative twist.
These “mattress’’ start-ups perceive a huge potential in their segment and think of their products as not another “me too’’ mattress, but a set of customised, technology heavy product offerings that cut out the middlemen often seen in the unorganised sector, and deliver home with a risk-free trial policy and warranty.
Launched through Amazon Launchpad while in their beta phase in 2017 is SleepyCat, which calls itself a ‘’box mattress’’ venture that leverages advanced technology to roll-pack mattresses into a box that is one-third its normal size and is easy to handle. WakeFit Innovations claims to create mattresses for all body types using memory foam. While Sunday, which calls itself a “sleep focused’’ start-up, says product innovation, technology and brand innovation comprise the three levers of growth.
The entrepreneurs feel the Indian market has space for ventures connected with ensuring a good sleep, more so if they are mattress start-ups. Consider this. The Great Indian Sleep Scorecard 2018 by Wakefit says that due to hectic schedules and rapid development Indian are getting increasingly prone to insomnia, sleep disorders and disturbed sleep; and thus consumers desire good quality sleep, even if they sleep for just five to six hours a night from the recommended eight hours. “And mattresses play a lead role in maximising the quality of sleep and keeping consumers well-rested,” say the entrepreneurs. Estimates peg the mattress market in India to be Rs 10,000 crore by 2020, with the online mattress segment contributing Rs 290 crore. Although start-ups like Pepperfry, Urban Ladder and HouseFull have established their presence in the online mattress segment (alongside their expanding portfolios that include furniture, furnishings and décor), the newbies ventures are hopeful of consolidating their own identities.
Says Kabir Siddiq, founder & CEO, SleepyCat, “Being direct to consumer business we have a lot of scope ahead of us.” Siddiq says he realised how shopping for mattress is cumbersome. “I thought why not introduce a bed-in-a-box model.’’ SleepyCat mattresses are made with gel memory foam that contours to the body shape, with gel crystals that keep the customer cool at night. The durable base foam provides support and balance. “Our special vacuum compression technology makes it easy to deliver the mattresses in a box,’’ says Siddiq.
According to Alphonse Reddy, founder, Sunday, customer tastes regarding mattresses are different. “We use customer data and user demographics to adjust the firmness level in the mattresses. This helps to get the products as close to the optimal comfort level of the customer and to help them choose the right product from the portfolio.’’
WakeFit uses memory foam and water based adhesives (to avoid odours). According to co-founder Ankit Garg, the foam formulation addresses the density, firmness, cell size and compression set. “Our research team figured out that firmness of the base foam ensures better support to the spine, while bigger cell size foam takes care of the breathability of the inside material of the mattress,’’ says Garg.
Experts say these newbie ventures could attract serious investment in the future.
“Mattress is an interesting segment. It is a natural progression from unorganised cotton and foam based products to quality products with tech infusion. Demand is expected to be robust and it is natural for investors to get interested,” says Pankaj Karna, founder and MD, Maple Capital Advisors.
According to Nandu R Kumar, CEO of management consulting firm Spice Route Business, from an investor’s perspective, a business which can bring in 10x plus returns and has a capable leadership is worth paying attention to. “Moreover, the mattress segment, which is traditionally a brick-and-mortar business, offers a big e-commerce play. If an e-commerce mattress company turns to be successful in achieving a market share, it can get acquired or backed by the leading traditional mattress companies or larger e-tailers.”
The newbies are eyeing structured growth. Siddiq says SleepyCat has witnessed a 15x growth since last August when they launched. “From selling 40 mattresses in a month, we now sell over 500 each month.’’
WakeFit is seeing growth from Tier II cities and has already served 75,000 customers. “Growing at an average 10% month on month, we have sold over 1.1 lakh products in less than three years,” says Garg.
BED IN A BOX
- SleepyCat leverages advanced technology to roll-pack mattresses into a box that is one-third its normal size and is easy to handle
- WakeFit Innovations claims to create mattresses for all body types using memory foam and water-based adhesives
- Sunday uses customer data and user demographics to adjust the firmness level in the mattresses
- The Great Indian Sleep Scorecard 2018 says Indians are getting increasingly prone to insomnia, sleep disorders
- Rs 10,000 cr Size of mattress market in India by 2020
- Rs 290 cr Online segment may form part of it
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