Wakefit.co, India’s largest D2C home and sleep solutions company recently raised its Series D funding round of INR 320 crore led by Investcorp, a leading manager of alternative investment products with a 40+ year track record. The company now aims to use this funding with strong financial prudence to stay true to its DNA of product innovation and customer-centricity. This round will enable Wakefit.co to strengthen its category expansion, while also expanding its omnichannel presence. In addition, these funds will also help strengthen the company’s manufacturing and supply chain capabilities, increase hiring at all levels, and improve brand-building initiatives.
The funding will also be used to expand the company’s omnichannel presence across various states such as Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka. Having launched four physical stores in FY 2022 across Bangalore, in Ejipura, Banaswadi, Marathahalli, and JP Nagar, Wakefit.co plans on opening more stores across different cities in Karnataka to reach deeper pockets of the state. The launch of physical stores in Karnataka enabled the company to serve 2.15 lakh customers during the year while recording a 71% year-on-year growth between 2021 and 2022. Wakefit.co also emerged as the most searched sleep brand in the state in the past year, showcasing people’s love for the brand.
Chaitanya Ramalingegowda, Director and Co-Founder of Wakefit.co, said, “We are honoured to have served over 2 lakh customers in Karnataka with our home and sleep solutions offerings. The positive feedback we have received from our customers in Karnataka has been overwhelming. The fresh round of funding will help us expand across more cities in the state and we are continuously working to bring this to fruition. We are also appreciative of the ongoing assistance we have received from our investors and will continue to work towards achieving our vision of becoming India’s most loved home and sleep solutions brand.”
Ankit Garg, CEO and Co-Founder of Wakefit.co shared, “As we continue to expand our presence in Karnataka, we are delighted to receive Series D funding. This funding will help us strengthen our position in the home and sleep solutions industry, as well as expand our manufacturing and supply chain capabilities. We thank our customers for the longstanding support, confidence, and love that they have shown Wakefit.co. This only motivates us to do better each day, as we aim to become a household name in Karnataka.
In FY 22, Wakefit.co clocked in overall revenue of INR 636 crores recording a 54% revenue jump since FY 21. A significant lever for Wakefit.co’s expansion has been the launch of India’s largest furniture factory in 2022, which has helped scale the furniture segment within the company. The factory has the capacity to furnish nearly 1 lakh homes per month. Wakefit.co was also the most searched sleep brand in both states in the previous year, showcasing the brand’s popularity among consumers. The company aims to close FY 2024 with over INR 1200 crores in revenue, turn EBITDA positive while growing at a rapid pace, and become the most loved home solutions brand in India.
About Wakefit.co
Wakefit.co is a research and innovation-driven sleep and home solutions company established in March 2016. It was founded by Ankit Garg and Chaitanya Ramalingegowda, with a vision to become India’s most loved home and sleep solutions brand. With a portfolio that previously included mattresses, pillows, bed frames, mattress protectors, comforters, neck pillows, and back cushions, Wakefit.co has now expanded to include home products such as study tables, bookshelves, shoe racks, TV units, bedside tables, coffee tables, dining tables, cushions, floor rugs, curtains, towels, and more. The company manufactures its products in-house at factories in Bengaluru, Jodhpur, and Delhi. It sells across the country through its own online portal, offline retail stores and through other popular online marketplaces. Wakefit.co prides itself on its customer experience, with over a million customers serviced over six years. The company received Series A funding from marquee investor Sequoia Capital India, Series B funding from Verlinvest and Sequoia Capital India, Series C funding from US-based SIG, and recently received Series D funding from Investcorp, while existing investors, Sequoia Capital India, Verlinvest, and SIG also participated.
