Sleep start-up firm Sunday is set to raise USD 1 million to fund its expansion plans across the country.
The company, which began commercial operations in September, said it is aiming at over Rs 2,000 crore turnover in three years.
“We are following a slow and steady approach to fund raising. We closed a USD 2,50,000 round a couple of months back and are in the middle of raising a USD 1 million round as we speak,” Sunday Founder Alphonse Reddy told PTI.
“Our main investment is from Anand Morzaria and team, who recently sold their venture to WPP (Ogilvy & Mather). We will seek a bigger round once we are confident of meaningfully deploying those funds.”
Reddy is also the founder of Fabmart.com.
On revenue expectations, he said: “Given that the market is highly fragmented and that the product has an unbeatable value proposition, we want to aim at 10 per cent of the USD 3.5 billion (Over Rs 2,000 crore) market in the next 3 years.”
Reddy said the company will follow omni channel (both online and offline) strategy to operate its business.
It plans to open 50 experience centres in 3 years, along with e-commerce play.
“We will combine the touch and feel of offline with efficiency and ease of online. We have an experience centre at our office in Kasturi Nagar in Bangalore that supports our online sales and we expect experience centres to be central to our expansion strategy,” Reddy added.
On future expansion, the focus is on India and “do a phenomenal job here before looking for geographical expansion”. “Sunday wants to stand for everything related to ’sleep’ and we want to continue building the company in that direction,” he said.
Sunday sources its raw materials from four different countries, including Belgium.