Mattress and furniture seller Wakefit.co converts into public entity
Omnichannel furniture retailer Wakefit.co is eyeing IPO after FY24 EBITDA profit and has converted into a public entity.
Omnichannel mattress and furniture seller Wakefit.co has converted into a public company and has aligned its corporate structure as it prepares for a public listing.
According to filings sourced from the Registrar of Companies (RoC), Wakefit.co updated its company documents to “Wakefit Innovations Limited” by deletion of the word “Private”.
"The Company intends to list its equity shares (the “Equity Shares”) on one or more stock exchanges to enable the shareholders to have a formal marketplace for dealing with the Company’s Equity Shares," stated the filing.
The development was first reported by The Entrackr, which added that the company has also appointed Sudeep Nagar, Sandhya Pottigari, Aridam Paul, Gunender Kapur, and Alok Chandra Misra as independent directors to strengthen its governance structure.
The Bengaluru-based company joins the ranks of a host of startups dropping 'private' from their names, renaming their parent entity in their initial public offering (IPO) preparations.
During the first quarter of FY25, Quick commerce unicorn Zepto, SaaS player Amagi, and fintech giant PhonePe and Razorpay all have dropped "private' from their legal entity name.
Wakefit.co's IPO efforts come right after the company marked its comeback to EBITDA profitability, a key metric for retail investors.
The Chaitanya Ramalingegowda-led company clocked a 24% rise in its revenue to Rs 1,017 crore in FY24, as it marked its return to EBITDA profitability. It posted Rs 65 crore of EBITDA, while also expecting a double-digit growth in FY25.
Its Co-founder and CEO Ankit Garg had exclusively told YourStory in June last year about the company's expectation of turning PAT profitable by the end of FY25.
Last week, furniture retailer Pepperfry raised Rs 43.3 crore (about $5.1 million) in a round led by General Electric Pension Trust along with existing investors. Wakefit.co's peer in the sleep solutions and furniture space, The Sleep Company is set to raise more than $50 million from ChrysCapital in a mix of primary and secondary transactions, according to a report by Mint.