Plans to continue the growth trajectory to become a market leader in the home and sleep solutions space, with an eye on profitability in FY 2024
National, 19 May 2023: Wakefit.co, India’s largest D2C home and sleep solutions company, today announced that it has clocked in revenue of ~INR 825 crore in FY 2022-23 as per the provisional unaudited financials. The brand has put in focused efforts towards omnichannel expansion, scaling supply chain operations, and enhancing brand building initiatives. Having registered a 30% Y-o-Y growth in revenue compared to FY 2021-22, Wakefit.co continues its growth trajectory and moves towards becoming a one-stop-shop for everything home in India.
With an eye on profitability, Wakefit.co has set its sights on crossing the INR 1000 crore revenue mark in FY 2023-24. The company is pegging its next stage of growth on an ever-expanding portfolio and a wider geographic and demographic spread. Wakefit.co has serviced over 19,000 pin codes across the country, catering to over 2 million customers across seven years. The company aims to help Indians make the most of their homes by being a one stop home solutions partner during their different life stages over many years.
Sharing his views on the company’s growth, Chaitanya Ramalingegowda, Director and Co-founder, Wakefit.co, said, “We are delighted to have served customers across the nation with our home and sleep solutions offerings. The 30% Y-o-Y growth in revenue is a testament to the immense satisfaction people have found in our products and we look forward to serving them even better this year. We are continuously working towards bringing premium-quality products at affordable prices and will continue to move towards achieving our vision of becoming India’s most loved home and sleep solutions brand.”
Ankit Garg, CEO and Co-founder, Wakefit.co, added, “We forayed into the home solutions market in 2020 and, since then, have witnessed rapid growth in those categories. FY 2023 further solidifies our position in the home and sleep solutions industry. This growth has been possible due to the continued support our customers have shown us. This year, our focus will be on pursuing our goal to become a market leader in the home and sleep solutions category.”
Omnichannel and Omnipresent
In FY 2023, Wakefit.co launched 22 physical stores across 15 cities in the country, which has helped in penetrating deeper pockets and being available closer to customer hubs in both metro and tier-2 cities. The offline stores have played a key role in clocking INR 825 crores in revenue in FY 2023 with stores steadily contributing a higher percentage of monthly revenue. The omnichannel push will continue to be a strategic growth driver in the next 3 years, with plans to open close to 100 stores across the country.
Furniture for everyone
In 2022, Wakefit.co unveiled India’s largest furniture factory, with the capacity to furnish almost 1 lakh Indian homes every month. This significantly improves the company’s manufacturing capabilities and positions it to become India’s most loved home solutions brand. With a range of products such as sofa, wardrobes, dining sets, bedside tables, shoe racks, coffee tables, bed frames, soft furnishings etc. that are part of the furniture portfolio, the segment currently contributes to ~20-25% of Wakefit.co’s revenue.
In FY 2022, the company clocked in a revenue of INR 636 Cr. In the past year, Wakefit.co has significantly ramped up its furniture portfolio and has also emerged as the most searched brand in the home and sleep solutions category. The company also emerged as the highest reviewed home and sleep brand having recorded over 6,00,000 reviews across online platforms.