[Funding alert] D2C sleep solutions brand Wakefit raises Rs 200 Cr Series C investment led by SIG
Bengaluru-based home and sleep solutions brandhas raised Series C funding of Rs 200 crore led by SIG, a Pennsylvania-based trading and investment firm. Existing investors Verlinvest and Sequoia Capital participated in this round of funding.
With this fund raise, the startup's valuation is now at Rs 2,800 crore (approximately $380 million).
The startup will use the funding for its omnichannel expansion plans. It aims to boost supply chain and logistics management, for technological enhancement, to increase marketing spends, and hire across all levels in the months to come.
Ankit Garg, CEO and Co-Founder of Wakefit.co, said: “The infusion comes at a strategic point in time 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.”
The company stated it 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.
Ankit Garg and Chaitanya Ramalingegowda, Co-founders of Wakefit
Wakefit is looking to touch Rs 700 Crore by FY22, 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 Rs 100 crore. The home and sleep solutions startup expects this demand to continue to surge over the next few months.
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.”
With over 45 percent of its revenue coming from beyond the top eight cities, the company plans to cater to 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 plans to invest extensively in enhancement of research, setting up state-of-the-art factories, warehouses and experience centres, planning innovative marketing campaigns, and skill building for staff and contract workers.
The company had raised Rs 185 crore from Verlinvest and Sequoia Capital India in a Series B funding round last year.