Wakefit.co Raises INR 320 Crore In Series D Funding The fresh fund will enable Wakefit.co to strengthen its expansion plans across categories and bolster its omnichannel presence to reach deeper pockets of the country
By Teena Jose
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Wakefit.co, a D2C home and sleep solutions company, has raised INR 320 crore in Series D funding round led by Investcorp, a leading manager of alternative investment products with more than 40 years track record. All existing investors, Sequoia Capital India, Verlinvest, SIG, also participated in a show of faith in the company's future. IndigoEdge was the exclusive advisor for Wakefit.co on the transaction. The funding will be deployed with strong financial prudence to stay true to the company's DNA of product innovation and customer centricity. The fresh fund will enable Wakefit.co to strengthen its expansion plans across categories and bolster its omnichannel presence to reach deeper pockets of the country. In addition, these funds will boost Wakefit.co's manufacturing and supply chain capabilities, ramp up hiring across levels, and also enhance brand building initiatives.
"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," said Ankit Garg, CEO and co-founder of Wakefit.co
Wakefit.co clocked in revenue of INR 636 crore in FY22 recording a 54% jump since the FY21. In CY 2022, the company launched 12 physical stores across the country, which has helped in penetrating into markets and being available closer to customer hubs in both metro and tier-2 cities. The omnichannel push will continue to be a strategic growth driver in the next 3 years, with plans to open close to a 100 stores across 20 cities, claimed by the company in a statement.
"We are excited to invest in Wakefit.co 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 the increasing consolidation of unorganised sectors by emerging consumer brands. We look forward to supporting Ankit and Chaitanya in profitably scaling this business and taking Wakefit.co public in the future," said Varun Laul, partner, Investcorp PE,
Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit.co is a research and innovation-driven sleep and home solutions company.
