Sleep solutions company, Wakefit raises INR 320 Crore in a series D funding round. This funding round was led by Investcorp.
Along with Investcorp, existing investors including Sequoia Capital India, Verlinvest, and SIG also participated in this funding round.
Wakefit raises funds for growth
This D2C brand intends to use the funds to scale its business and open more retail stores. These funds will support Wakefit in capturing a bigger share of the market. Furthermore, the company targets to open more than 100 stores in 20 cities by end of 2025. Basically, these funds will be used for the overall growth of the firm. This includes customer satisfaction, the strength of the structure and product innovation, etc.
Before this, the company bagged around Rs 200 crore in a funding round backed by Susquehanna International Group.
This D2C brand was set up in 2016 by Ankit Garg and Chaitanya Ramalingegowda. It is a home solutions company that sells innovation-driven sleep products. Its product list includes mattresses, pillows, cushions, and furniture accessories.
Ankit Garg, Co-founder, of Wakefit said that the company will invest in machinery and develop its tech in 24 Months. It also plans to provide exciting features like customization in furniture and other products.
Only the category of furniture amounts to 25% of the company’s total revenue. Furthermore, in the last financial year, the company’s revenue amounted to INR 636 Crore.
Wakefit is popular among customers and well-established in the growing market. In addition to this, it has served more than 1.5 Million customers in its 7 years of inception.
With this growth and development, the firm expects to grow to INR 900 Crore in this financial year. A majority of revenue comes through retail and portal stores. Online marketplaces contribute the remaining percentage of revenue.
This sleep solutions company plans to expand its domain into metro and tier 2 cities. It will scale its presence in the market.
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