India-based Wakefit, a company that provides innovative home solutions, raised USD 28 million on 11th November.
Investors: SIG, a global trading organization based in the United States, led the Series C round. Additionally, several existing investors participated in this round, including Sequoia Capital India and Verlinvest. Wakefit is now valued at about USD 380 million.
Purpose of funding: The company plans to expand its omnichannel strategy, improve supply chain and logistics management, and enhance its marketing. As per founders, Wakefit intends to use the funds to hire more people, set up 20 new experience centres, and pursue growth in new product categories, such as furniture, home decor, utility, and other areas.
About Wakefit
Founded in 2016 by Ankit Garg & Chaitanya Ramalingegowda, Wakefit is located in Bengaluru, Karnataka. Wakefit provides innovative home solutions and sleep utilities. Starting as a provider of sleep solutions, the company is now expanding into furniture and interior design. With its high quality yet affordable home and sleep solutions products, the company intends to further its vision of improving home quality in India. Wakefit will be able to reach deeper pockets in the country thanks to the new funding. About 20% of the revenue is generated by furniture, while most come from mattresses and sleep solutions. In a category expected to grow exponentially to US$20 billion in the next three years, it will compete with Livspace, Pepperfry, among others. The company is also considering opening international operations in the next 6-9 months and considering Southeast Asia, the Middle East, and European markets for entry.
What the founders have to say
“The overall online segment for mattresses is growing 45% year-on-year, and Wakefit has almost 70% market share in the category. With furniture in the mix, we are confident that Wakefit will reach a billion dollars in revenues by 2025,” said Ankit Garg, CEO and co-founder at Wakefit.
“We have built Wakefit on the strong foundation of research excellence and customer-centricity, which has attracted like-minded investors to put their faith in the company. We are extremely grateful to SIG for believing in our vision and are delighted that our existing investors have extended a show of confidence by investing additional funds in the company. The Series C round is an important inflexion point for us, as we target aggressive expansion plans in the years to come,” Chaitanya Ramalingegowda, co-founder at Wakefit.
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