Hitting snooze button: Rest assured, sleep economy is taking off

From AI-enabled mattresses and pillow menus to sleep therapists, restful nights are big business

Earlier this month, during an interaction with athletes bound for the Paris Olympics, Prime Minister Narendra Modi drew attention to sleep. “Good sleep is very important for sports, or any other field… don’t compromise on sleep,” he advised.

Sleep – or the lack of it, given the unhealthy screen time and the on-the-go lives – has fuelled an economy around it. This sleep economy encompasses a wide range of products and services, from sleep doctors and specialised pillows to artificial intelligence (AI)-equipped gadgets. 

Among the team of doctors accompanying the athletes to Paris is a sleep therapist employed by the Indian Olympic Association.

Over the last one month or so, the doctor, Monica Sharma, has travelled across the country to study the athletes' sleep patterns and needs. “She will ensure they are not sleep deprived, and that they get adequate rest and are game-ready,” says Dinshaw Pardiwala, chief medical officer leading the team of doctors. 

In Paris, sleep pods have been installed in both the Games Village and the shooting range. These pods are temperature-controlled, light-controlled, and sound-proof, to ensure optimal rest for the athletes.

Sleep is a growing business. According to Emergen Research, the global sleep economy is projected to expand from $512.80 billion in 2022 to a staggering $950.22 billion by 2032.

Bedtime gadgets

Despite significant advancements, experts point to a gap in the Indian market for precise and customised sleep-tracking and optimisation products. 

Companies like Wakefit.co are stepping up to fill this void. The Bengaluru-based firm recently unveiled "Wakefit Zense," a line of AI-powered sleep solutions. These include Regul8, a mattress temperature controller, and Track8, a contactless sleep tracker. 

Regul8 allows users to set temperatures between 15 and 40 degree Celsius, adjusting it automatically based on sleep duration and research-based practices. Track8, a non-wearable sleep tracker, uses a sensor sheet placed under the mattress to analyse sleep data and provide detailed insights.

Wakefit’s Chief Technology Officer Yash Dayal says their survey revealed that 50 per cent of Indians suffer from sleep deprivation. And while there are wearable devices such as the Apple Watch, Whoop and Fitbit, the view is that not everyone likes to wear a gadget while sleeping. 

Wakefit has raised $145 million from investors like Investcorp, Verlinvest, and Peak XV, with a revenue of Rs 825 crore in 2022-23 (FY23). The aim is to surpass Rs 1,000 crore in revenue in FY24.

The Sleep Company (TSC) has, meanwhile, introduced the SmartGrid technology, a shift from traditional spring, latex, or memory foam mattresses. Using a hyper-elastic polymer arranged in a grid, this provides comfort by reducing pressure points on the body. 

The Mumbai-based firm’s co-founder, Harshil Salot, noted the importance of investing in quality sleep products, given their long-term use. TSC also plans to integrate AI-based sleep trackers into its products to monitor and improve sleep quality.

Last December, the firm secured Rs 184 crore in Series C funding from existing investors, Premji Invest and Fireside Ventures. Before that, it received Rs 177 crore in a Series B funding round led by Premji Invest, Fireside Ventures, and Alteria Capital, and Rs 13.4 crore in a pre-Series A funding round.

Flight mode

Comfort and sleep are among the services airlines also hardsell. 

Vistara, for instance, has recently upgraded its amenities for long-haul international flights. Business class passengers on Boeing 787-9 Dreamliner flights over seven  hours receive kits with eye masks, socks, and Forest Essentials products, including the Nidra Tranquil Sleep mist. Premium economy passengers on these flights, as well as business class travellers on Airbus A321neo flights over 5.5 hours, receive kits with Inara products, blending Ayurveda with modern luxury.

Vistara's Boeing 787-9 Dreamliner features dimmable windows and a ‘human-centric lighting system’, to reduce jet lag by adjusting the colour and intensity of the light, says a spokesperson for the airline. All Vistara aircraft offer mood lighting and 17 hours of wellness-focused inflight entertainment, including guided meditations and sleep-inducing stories.

Emirates airline, says its Country Manager (India and Nepal) Mohammad Sarhan, offers fully flat beds with mattresses in first and business class. On flights of nine hours or more, passengers receive sleepwear sets, with the first class featuring hydra active pyjamas to moisturise the skin. Bulgari amenity kits are provided in both classes, along with wellbeing content and relaxing music on the entertainment system. Its new premium economy service has also kept sleep in mind, providing spacious seats with greater recline, raised leg rests, and adjustable headrests.

Pillow talk

Hotels, too, are enhancing amenities to ensure guests wake up rejuvenated. 

Hilton properties in Goa and Bengaluru Embassy Manyata Business Park has a pillow menu, wherein guests can choose from memory foam, body pillows, polyester, and buckwheat pillows, says a spokesperson. 

Additional efforts, in Hilton properties elsewhere too, include 300 thread count sheets (higher thread count is associated with luxurious bed sheets), non-allergic feather pillows, blackout curtains, soundproofing, and personal climate control options.

The Oberoi group also offers various pillow options, including duck down, hypoallergenic buckwheat, memory foam, dual zone, and huggable body pillows for optimal sleep posture, and head and muscle alignment. 

ITC Hotels, too, has a pillow menu, blackout window screens, and a "Sleeep Box," which includes sleep-inducing menus. There is also a "Sleeep Ensemble" with eye masks, ear plugs, music flash drives, pillow mist, and stress reliever sprays – a blend of steam-distilled Indian rose, cardamom, grapefruit, lavender, nutmeg and patchouli. If that’s not enough, guests can request bath rituals, bedtime storybooks for children, and beverages with soothing herbs and spices. For those who want to carry the sleep-linked luxuries back with them, there is a “SLEEEP Boutique," offering a selection of pillows, bed linen, duvets, and sheets for purchase.

The sleep business sure is keeping a number of industries awake.

HITTING SNOOZE BUTTON
 

Wakefit: Bengaluru-based firm introduces AI-powered mattress temperature controller and contactless sleep tracker

The Sleep Company: Offers SmartGrid mattresses with hyper-elastic polymer to reduce pressure points on the body

Vistara: Upgrades amenities with sleep kits including eye masks and sleep mists, and features dimmable windows and human-centric lighting to reduce jet lag

Emirates: Provides flat beds, hydra active pyjamas to moisturise the skin, and Bulgari amenity kits

Hilton: Offers a pillow menu and soundproofing for a better sleep experience

Oberoi: Features a variety of pillows, including duck down and huggable body pillows, to ensure optimal sleep posture and alignment

ITC Hotels: Provides a comprehensive sleep experience with a pillow menu, blackout curtains, "Sleeep Box" with sleep-inducing items, and a boutique for buying sleep-related products