Wakefit.co, India’s leading direct-to-consumer (D2C) home and sleep solutions company, has announced impressive financial results for FY 2022-23. The provisional unaudited financials reveal a revenue of approximately INR 825 crore, marking a 30% year-on-year growth compared to the previous fiscal year. This growth can be attributed to the brand’s strategic efforts in expanding its omnichannel presence, scaling its supply chain operations, and strengthening its brand-building initiatives. With a focus on profitability, Wakefit.co aims to surpass INR 1000 crore in revenue in FY 2023-24 and solidify its position as a market leader in the home and sleep solutions space in India.
To drive its next phase of growth, Wakefit.co plans to diversify its product portfolio and expand its reach across a wider geographic and demographic landscape. With a presence in over 19,000 pin codes and a customer base of more than 2 million people over the past seven years, the company aims to be the go-to destination for comprehensive home solutions throughout various life stages.
Chaitanya Ramalingegowda, Director and Co-founder of Wakefit.co, expressed his delight in serving customers across the country and emphasized the satisfaction customers have found in the brand’s products. The company remains committed to offering premium-quality products at affordable prices while working towards its vision of becoming India’s most beloved home and sleep solutions brand.
Ankit Garg, CEO and Co-founder of Wakefit.co, acknowledged the rapid growth witnessed since the company’s entry into the home solutions market in 2020. FY 2023 solidifies their position in the industry, made possible by the continued support of their customers. Moving forward, the company’s primary focus will be on becoming the market leader in the home and sleep solutions category.
In FY 2023, Wakefit.co expanded its footprint by launching 22 physical stores across 15 cities in India. This strategic move enabled the brand to penetrate deeper into the market, particularly in metro and tier-2 cities, by establishing a physical presence closer to customer hubs. The introduction of offline stores played a significant role in generating INR 825 crores in revenue for FY 2023, with stores gradually contributing a higher percentage of monthly revenue. Capitalizing on this success, Wakefit.co plans to open nearly 100 stores nationwide, further leveraging the power of omnichannel retail.
The furniture segment is a key driver of revenue for Wakefit.co, accounting for approximately 20-25% of the company’s total revenue. In 2022, the brand unveiled India’s largest furniture factory, which has the capacity to furnish nearly 100,000 Indian homes every month. This expansion in manufacturing capabilities positions Wakefit.co as India’s preferred home solutions brand. The company offers an extensive range of furniture products, including sofas, wardrobes, dining sets, bedside tables, shoe racks, coffee tables, bed frames, and soft furnishings. In addition to its furniture offerings, Wakefit.co has also gained significant recognition as the most searched and highest-reviewed brand in the home and sleep solutions category, accumulating over 600,000 reviews across various online platforms.
With its strong financial performance, expansion strategies, and commitment to customer satisfaction, Wakefit.co is well on its way to achieving its vision of becoming India’s leading home and sleep solutions brand while maintaining a focus on profitability in FY 2024.
