The funding will bolster Wakefit.co’s omni-channel expansion plans and will be deployed to boost supply chain and logistics management, technological enhancement, increased marketing spends
Wakefit.co, India’s largest home and sleep solutions company, announced its INR 200 Crores (~$28 Million) Series C round of funding today. SIG, a global trading and investment firm headquartered in Pennsylvania (U.S.), led the funding round, while Sequoia Capital India and Verlinvest participated in the round as existing investors. With the Series C round, Wakefit.co’s valuation will soar to over INR 2800 Crores (Approx $380 Million).
The funding will bolster Wakefit.co’s omni-channel expansion plans and will be deployed to boost supply chain and logistics management, technological enhancement, increased marketing spends while also hiring across all levels in the months to come. The company aims to further its vision of improving the quality of living in Indian homes through its high quality yet affordable home and sleep solutions products, and the infusion of funds will help Wakefit reach deeper pockets of the country.
With over 45% of its revenue coming from beyond the top 8 cities, the company plans to cater to the increasing demand by continuing its focus on R&D and expanding product lines to include lighting, decor, furnishings and more in addition to its sleep and furniture products. Wakefit.co takes pride in its customer experience and product innovation and plans on further strengthening these areas by investing extensively in enhancement of research, setting up state-of-the-art factories, warehouses and experience centers, innovative marketing campaigns, as well as skill building for staff and contract workers.
Wakefit.co is on track to achieve INR 700 Crores by FY 2022, despite being impacted like most businesses during April and May 2021 due to the second wave of the pandemic. In October 2021, which marks the first two phases of the festive sale period, the company sold over 1 Lakh mattresses and clocked over INR 100 crores. The home and sleep solutions startup expects this demand to continue to surge over the next few months.
Ankit Garg, CEO and Co-Founder of Wakefit.co commented on the Series C funding round and said, “The infusion comes at a strategic point in time for us, as we drill down on large-scale expansion across the country. As the number one sleep player in India (online), we are aiming to replicate our success in the home and furnishings space too. The Series C round will help us broaden our category offerings, as well as create avenues for deeper geographical penetration.”
Chaitanya Ramalingegowda, Director and Co-Founder of Wakefit.co said, “We have built Wakefit.co 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 inflection point for us, as we target aggressive expansion plans in the years to come.”
The Series C funding comes within a year of its Series B round, where the company raised INR 185 crores from Verlinvest and Sequoia Capital India. The company is riding high after servicing over 8 Lakh customers across India and receiving more than 1 Lakh positive reviews online. Wakefit.co offers a wide range of home and sleep solutions products across India, with a portfolio that includes mattresses, pillows, beds (cots), sofas, work desks, towels, wardrobes, coffee tables, mattress protectors, bedsheets, comforters, and other sleep and home products
Source: Business World