D2C Brand Wakefit Raises Rs 320 Crore In Series D Funding
Wakefit Innovations Pvt. Ltd has raised Rs 320 crore (about $40 million) in a Series D funding round led by Bahrain’s alternative investment firm Investcorp.
The funding round also saw participation from existing investors Sequoia Capital India, Verlinvest and SIG.
As per the startup, the raised funds will enable it to open more retail stores and capture a bigger share of this fast-growing market.
Wakefit | Innovation-driven Sleep Products
Founded by Ankit Garg and Chaitanya Ramalingegowda in 2016, Wakefit is a D2C brand that sells research and innovation-driven sleep products such as mattresses, bed frames, comforters, pillows, neck pillows, and back cushions.
Speaking about the development, Ankit Garg, CEO and Co-founder of Wakefit, said,
“The Series D round comes at a vital point in our growth journey as we continue to expand our presence across India. This funding round will solidify our position in the home and sleep solutions space and will enable us to scale up our manufacturing and supply chain capabilities. We thank our investors for their support and trust in our journey of becoming a market leader in our space.”
The Bengaluru-based firm expects to end this financial year at about Rs 900 crore in revenue, growing about 40%. Currently, Wakefit earns about two-thirds of its revenue from its own portal and retail stores, while the rest comes from online marketplaces such as Amazon, Flipkart and Pepperfry.
In 2022, the Bengaluru-based firm opened a dozen stores across India with aims to have about 100 stores across 20 cities within three years. The firm plans to expand its presence in both metro and tier II cities such as Lucknow, Patna, Ahmedabad, and Mysore.
Commenting on the development, Varun Laul, Partner, Investcorp PE, said,
“We are excited to invest in WakeFit as it continues its journey towards becoming the market-leading sleep solutions and home decor omnichannel brand. The investment aligns with Investcorp’s thesis on increasing the consolidation of unorganised sectors by emerging consumer brands. We look forward to supporting Ankit and Chaitanya in profitably scaling this business and taking WakeFit public in the future.”
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