Bengaluru-based home and sleep solutions brand Wakefit has raised Series C funding of Rs 200 crore from investors led by US-based global trading and investment firm SIG. The funding exercise also saw the participation of existing backers – Sequoia India and Verlinest taking the company’s valuation to Rs 2,800 crore (USD 380 million).
Founded by Ankit Garg and Chaitanya Ramalingegowda, Wakelift started off as a sleep solutions provider, it is now focussing on home interiors and other furniture categories. The segment already accounts for more than 15 percent of its revenue in less than two years. It sold over 1 lakh mattresses in October, and is on track to generate Rs 700 crore in revenue in FY22.
Ankit Garg, CEO and Co-Founder of Wakefit.co, 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”.
Wakefit will use the money to set up offline experience centres and manage logistics, supply chain and increase marketing besides hiring across levels. 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
“The Series C round will help us broaden our category offerings, as well as create avenues for deeper geographical penetration.” It will compete with the likes of Livspace, Pepperfry among others in a category that is expected to grow exponentially to $20 billion over the next 3 years.
The company is looking to generate Rs 700 Crore by FY22, despite being impacted like most businesses during April and May 2021 due to the second wave of the pandemic.