Sheela Foam, the parent company of Sleepwell Mattress, announced that its board has approved to increase the stake by 10.50 per cent in House of Kieraya (HoK) which owns furniture rental company Furlenco. “We would like to inform you that the company in its Board meeting held on 08th October 2024 has approved the subsequent investment in House of Kieraya Limited,” said in is release.
The company will acquire 10.50 per cent in Furlenco for Rs 107 crore and Sheela Foam will subscribe upto 50,45,540 equity. share in the right issue offered by target company and exercising partly paid up subscribed 56,00,995 warrant and purchase upto 3,50,000 shares from the existing shareholders aggregating consideration upto Rs 107 crores, said news paper.
In 2023, Sheela Foam Ltd had acquired a 35 per cent stake in Furlenco owner House of Kieraya, for a cash consideration of around Rs 300 crore.
Furlenco is a furniture company with a strong online presence. It operated in cities including Bengaluru, Mumbai and Delhi-NCR.
Indian furniture market size is expected to reach $59.4 billion by 2033
With a market size of USD 237.21 billion in 2023, the furniture market in Asia Pacific holds the largest market share. India, which has the second largest furniture industry in Asia Pacific, is also becoming one of the most preferred locations for multinational companies.
Indian furniture market size will reach $23.9 billion in 2023 and is expected to reach $59.4 billion by 2033, growing at a compound annual growth rate (CAGR) of 9.3% during 2024-2033.
Currently, the Indian furniture market is primarily driven by the growing middle class population with higher disposable incomes. This demographic shift has led to an increased demand for space-efficient and stylish furniture, especially in urban areas where modern living spaces are prevalent. The rapid expansion of real estate, especially in the residential and commercial sectors, continues to drive demand for various types of furniture, including home, office and outdoor furniture.
The Sleep Company announces AI-powered ‘SensAI Sleep Analyser Pillow’
The Sleep Company has introduced the AI-powered ‘SensAI Sleep Analyser Pillow’ that is meant to track a sleeper’s vitals with the help of a sensor beneath the pillow and mattress. The SensAI Sleep Analyser Pillow tracks a user’s sleep duration, their quality of sleep and its stages, any body movements, and restoration levels such as the heart rate and breathing rate, per The Sleep Company.
Users can monitor the recorded information through an interactive app that will also help them improve their sleep quality, said the company. The Sleep Company’s SensAI Sleep Analyser Pillow is meant to address the issue of users who wish to track their sleep-related metrics but find it uncomfortable to wear devices such as a smartwatch to bed.
“Research suggests that people have grown conscious about their health post-pandemic however do not prefer wearing wristbands or smartwatches to track their sleep and fitness activities. Addressing the growing popularity of such devices, TSC’s SensAI Sleep Analyser pillow with SmartGRID technology is a unique, non-intrusive solution for sleep tracking using low-energy radar technology,” said Priyanka Salot, co-founder of The Sleep Company. “Our new solutions are ideal for all individuals including senior citizens, parents with disrupted sleep due to work and kids, fitness enthusiasts and athletes who prioritize recovery for performance, working professionals with demanding work schedules and tech-savvy individuals. Our SensAI product range goes beyond comfort and delivers an interactive sleep experience,” said Harshil Salot, co-founder, The Sleep Company.
The SensAI Sleep Analyser Pillow costs ₹8,500 while the SensAI Sleep Analyser is priced at ₹6,999. There is a year-long warranty for the sensor strip. The products are available through The Sleep Company’s website and stores.