Total amount raised
$145.4 Millions
Latest funding date
1/1/2023
Location
Wakefit has successfully raised significant capital through multiple funding rounds, with its latest Series D round closing on January 13, 2023. The company specializes in sleep and home solutions, offering a wide range of products from mattresses to furniture.
Keep reading to explore the intricacies of Wakefit's fundraising journey and the investors backing this innovative platform.
What Is Wakefit?
Wakefit Innovations Pvt. Ltd. is a sleep and home solutions company founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda. Headquartered in Bangalore, Karnataka, India, the company specializes in manufacturing quality mattresses and a variety of home furniture.
Wakefit's product range includes sofas, cots, coffee tables, wardrobes, and other furnishings, all available through its eCommerce platform. The company focuses on providing affordable and comfortable sleeping solutions to its customers.
With a workforce of 1001-5000 employees, Wakefit has grown significantly since its inception, serving over 8 lakh customers and selling more than 18 lakh products.
How Much Funding Has Wakefit Raised?
- Series A
- Amount Raised: ₹650M
- Date: December 2018
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and scaling of operations.
- Series B
- Amount Raised: ₹1.9B
- Date: December 2020
- Lead Investors: Verlinvest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel growth and expansion efforts.
- Series C
- Amount Raised: ₹2B
- Date: November 2021
- Lead Investors: Susquehanna International Group (SIG)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue growth and expansion.
- Venture Round
- Amount Raised: $45M
- Date: December 2022
- Lead Investors: Investcorp
- Valuation at Round: $303M
- Motivation Behind the Round: To enhance delivery operations and factory infrastructure.
- Series D
- Amount Raised: ₹3.2B
- Date: January 2023
- Lead Investors: Investcorp
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand retail presence and scale manufacturing and supply chain capabilities.
Total Amount Raised: $45M + ₹7.75B
Current Valuation: $303M
Key Investors
- Investcorp
- Details: Investcorp is a global investment manager specializing in alternative investments. It focuses on private equity, real estate, credit management, and absolute return investments.
- Investment Focus Areas: Private equity, real estate, credit management, absolute return investments.
- Notable Investments: Investcorp has invested in various sectors including technology, healthcare, and consumer products.
- Sequoia Capital India
- Details: Sequoia Capital India is a venture capital firm that invests in early and growth-stage companies across India and Southeast Asia. It focuses on high-growth startups in technology and consumer sectors.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: Byju's, Zomato, OYO.
- Verlinvest
- Details: Verlinvest is a private equity firm that invests in consumer brands and digital companies. It focuses on long-term investments in high-growth sectors.
- Investment Focus Areas: Consumer brands, digital companies, healthcare.
- Notable Investments: Sula Vineyards, Purplle, Epigamia.
- SIG (Susquehanna International Group)
- Details: SIG is a global quantitative trading firm that also invests in private equity and venture capital. It focuses on early to growth-stage companies in technology and consumer sectors.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Paytm, Swiggy, Rivigo.
What's Next for Wakefit?
Wakefit is poised to capitalize on the burgeoning demand for home and sleep solutions by expanding its retail footprint and enhancing its manufacturing capabilities. With plans to open 100 stores across 20 cities and a new 6 lakh sq. ft. manufacturing unit, the company is well-positioned to meet growing consumer needs. The potential for significant revenue growth, as evidenced by their aim to cross ₹1,200 crore in the next financial year, underscores the vast opportunities ahead.
Future fundraising efforts could see Wakefit exploring an Initial Public Offering (IPO), a move hinted at by key investors. This would provide the capital needed to sustain their aggressive expansion and technological advancements. However, challenges such as managing increased operational costs and navigating a competitive market landscape remain. Ensuring profitability while scaling operations will be crucial for Wakefit's continued success.
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