Firm that makes mattresses and pillows aims to
expand to smaller cities and is setting up a manufacturing facility in Sonipat.
Sequoia-backed Wakefit earned Rs 636crore revenue in Financial
Year 2021-22, growing 50 per cent year-over-year growth compared to FY 21. The
sleep solution start-up that makes mattresses and pillows sees crossing its Rs
1000-crore revenue target this fiscal.
Growth for the Wakefit came from Karnataka, Telangana, Tamil Nadu,
Maharashtra, Uttar Pradesh, and the National Capital Region comprising Delhi
and cities around it. Around 26 cities in South India helped Wakefit to double
revenue from these regions, with over a 50 per cent jump in sales traffic and
revenue from Andhra Pradesh and Telangana.
“With a growth trajectory in place after gaining a sizable market
share in the sleep solutions category, we are on track to cross the Rs 1,000
crore revenue target that we have set for FY 23,” said Ankit Garg, CEO and
co-founder of Wakefit.
The firm has commissioned a manufacturing facility in Sonipat
(Haryana) for mattresses and a furniture factory in Hosur (Tamil Nadu) with a
total capital expenditure outlay of over Rs 100 crore.
“Ever since inception, product-innovation, and customer-centricity
have been embedded in Wakefit.co’s DNA,” said Chaitanya Ramalingegowda,
director and co-founder of Bengaluru-based Wakefit.
“This has been instrumental in keeping us ahead of the curve in
the home solutions space which is growing at a double-digit rate in India.”
The brand aims to scale offline expansions in
Northern markets in the years to come. The company has launched offline retail
stores in Bengaluru, New Delhi, Ahmedabad, Chennai and Lucknow. It plans to
open a few more offline stores and grow its base in smaller cities. Courtesy: www.business-standard.com
