Wakefit.co raises Series D funding, plans to expand omnichannel presence in Tamil Nadu!
Wakefit.co, India’s largest D2C home and sleep solutions company recently announced its Series D round of funding 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 plans for category expansion and omnichannel presence. In addition, these funds will be used to strengthen Wakefit.co’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 Karnataka, Andhra Pradesh, Telangana, and Tamil Nadu. Wakefit.co currently has an offline presence in Tamil Nadu with 3 physical stores across Chennai, in Anna Nagar, ECR, and T Nagar. The company is also working towards launching an offline store in Coimbatore. The offline expansion has enabled the company to record 32% year-on-year growth between 2021-2022 and serve over 80,000 customers in Tamil Nadu during the year.
A significant lever for Wakefit.co’s expansion has been the launch of India’s largest furniture factory in 2022 in Tamil Nadu, which has helped scale the furniture segment within the company. Built to meet world-class standards with cutting-edge automation, the factory has the ability to furnish close to 1 Lakh homes per month. This has enabled the company’s furniture portfolio to grow at a rapid rate, which now contributes close to 25% of its revenue.
Chaitanya Ramalingegowda, Director and Co-Founder of Wakefit.co, said, “We are delighted to have served over 80,000 customers with our home and sleep solutions offerings in Tamil Nadu. The wonderful feedback that we have received from our customers in the state has been overwhelming and we look forward to serving them even better this year. We are grateful for the ongoing support we have received from our investors. We 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, “Our Series D funding has come at an apt time as we continue to expand our presence in Tamil Nadu. This funding will help us to solidify our position in the home and sleep solutions industry, as well as develop our manufacturing and supply chain capabilities further. We thank our customers for their continued support and confidence in us, as we pursue our goal to become a market leader in the home and sleep solutions category.”
In FY 22, Wakefit.co clocked in an overall revenue of INR 636 crores recording a 54% revenue jump since FY 21. 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.
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.48