Wakefit.co raises ₹200-crore Series C funding from SIG, others

In this round of funding, Wakefit.co was valued at about
$380 million. The Series C funding comes within a year of its Series B round,
where the company raised ₹185 crore from Verlinvest and Sequoia Capital India.
With a portfolio that previously included mattresses, pillows, bed frames,
mattress protector, comforter, neck pillows and back cushions, Wakefit.co has
now expanded to include home products such as study-tables, bookshelves, shoe
racks, TV units, side tables, coffee tables, dining tables, towels, and more.
It manufactures its products in-house at factories in Bengaluru, Jodhpur and
Delhi. It sells across India through its own online portal and through other
online marketplaces.

This funding will be used by Wakefit.co to strengthen its
omnichannel expansion plans and boost supply chain and logistics management,
technological enhancement, increase marketing spends while also hiring across
all levels in the months to come.

Increasing demand

With over 45 per cent of its revenue coming from beyond the
top 8 cities, the company plans to cater to the increasing demand by continuing
its focus on R&D and expanding product lines to include lighting, decor,
furnishings and more in addition to its sleep and furniture products.
Wakefit.co takes pride in its customer experience and product innovation and
plans on further strengthening these areas by investing extensively in the
enhancement of research, setting up state-of-the-art factories, warehouses and
experience centres, innovative marketing campaigns, as well as skill-building
for staff and contract workers.

Wakefit.co claims to be on track to achieve ₹700 crore
revenue by FY22, despite being impacted, like most businesses, during April and
May 2021 due to the second wave of the pandemic. In October 2021, the company
claims to have sold over 1 lakh mattresses and clocked over ₹100 crore revenue.
The home and sleep solutions start-up expects demand to continue to surge over
the next few months.

Commenting on the fundraise, 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.”

Chaitanya Ramalingegowda, Director and
Co-Founder of Wakefit.co, said, “We have built Wakefit.co on the strong
foundation of research excellence and customer-centricity, which has attracted
like-minded investors to put their faith in the company. We are extremely
grateful to SIG for believing in our vision and are delighted that our existing
investors have extended a show of confidence by investing additional funds in
the company. The Series C round is an important inflection point for us, as we
target aggressive expansion plans in the years to come.” Courtesy: www.thehindubusinessline.com