Wakefit.co expects to turn PAT profitable in FY25: CEO Ankit Garg
Wakefit.co is betting big on turning into a complete home solution entity and reaching smaller towns as it doubles down on profitability ahead of public listing plans.
Wakefit.co expects to turn a net profit by the end of the fiscal year 2024-25, backed by home furnishing and Tier II penetration, Co-founder and CEO Ankit Garg told YourStory.
For FY24, the company expects to turn EBITDA-positive and is foreseeing a turnover of Rs 900-1,000 crore. For FY23, Wakefit.co's loss widened to Rs 145 crore. In terms of fundraising plans, Garg expects the company to be ready to file its public listing papers 2-4 years down the road.
Wakefit.co is banking on its expansion, especially penetration in Tier II and Tier III cities. It plans to open 130 stores by the end of FY25, of which 40% are expected to be in Tier II towns. It is also focusing on increasing its offerings in decor and furnishing and expects it to be a huge market for the company.
.co started as a mattress maker but forayed into furniture and home decor solutions soon after. Furniture now accounts for more than 30% of sales.
The company, which started as a digital native, was quick to jump on the omnichannel bandwagon and opened up experience centres and physical stores for its online-wary consumers. “So, this whole omnichannel is working much better for us compared to just being online or offline,” said Garg on the sidelines of Wakefit.co’s product launch event.
The company rolled out two tech-backed offerings under its premium smart sleep solutions. Regul8 is a mattress temperature controller that uses liquid cooling conditions to pre-set, automatically regulate, or manually control the mattress's temperature.
Track8 is a contactless sleep tracker that goes under any mattress and uses data provided through it to give out a comprehensive sleep score and personalised recommendations to improve customers' overall well-being.
Regul8 is expected to retail at Rs 44,999, while Track8 will be available to consumers at Rs 10,499 and should be available by the end of this month on websites and stores.
Edited by Affirunisa Kankudti
