Wakefit Raises Rs 320 Crore Led By Investcorp
It will use the funding to advance category and omnichannel expansion, scale supply-chain operations and ramp up hiring.
Direct-to-consumer sleep products brand Wakefit.co has raised $40 million, or roughly Rs 320 crore, in a Series D funding round led by Investcorp.
The company said it would use the funding to advance category and omnichannel expansion, scale supply-chain operations and ramp up hiring, according to a press release issued on Friday.
All existing investors, including Sequoia Capital India and SIG, participated in the round.
The startup, which primarily retails mattresses directly through its website, said it "aims to close FY24 at over Rs 1,200 crore in revenue, while also turning Ebitda positive once again after two years".
It had revenue of Rs 636 crore in FY22, which was a 54% jump over FY21.
Wakefit is now looking to grow 100% with the launch of more physical stores and setting up of its own furniture factory.
While the sleep segment still makes up a significant share of its business, the furniture portfolio contributes close to 25% of its revenues.
Wakefit.co was founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda.