Sleep start-up firm Sunday is set to raise $1 million to fund its expansion plans across the country.
The company, which began commercial operations in September under name www.Sundayrest.Com, said it's aiming at over Rs2,000 crore turnover in three years.
“We are following a slow and steady approach to fund raising. We closed a $2,50,000 round a couple of months back and are in the middle of raising a $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 $ 3.5 billion (Over Rs2,000 crore) market in the next 3 years.”
Reddy said the company will follow omni channel strategy to operate its business. It plans to open 50 experience centres in 3 years, along with e-commerce play.