Wakefit.co raises Series D funding, plans to expand its omnichannel presence across Andhra Pradesh and Telangana

~The company served over 1.5 lakh customers across AP Telangana, while also emerging as the most searched sleep brand

~With 2 offline stores in Hyderabad, the company plans to launch stores in Visakhapatnam and Secundrabad to expand its omnichannel presence ‘

Andhra Pradesh / Telangana, 13th February 2023: Wakefit.co, India’s largest D2C home and sleep solutions company recently announced its Series D round of funding of INR 320 crore, led by Investcorp, a leading manager of alternative investment products with a 40+ year track record. The company now aims to use this funding with strong financial prudence to stay true to its DNA of product innovation and customer-centricity. This round will enable Wakefit.co to strengthen its plans for category expansion and omnichannel presence. In addition, these funds will be used to strengthen Wakefit.co’s manufacturing and supply chain capabilities, increase hiring at all levels, and improve brand-building initiatives.

The funding will also be used to expand the company’s omnichannel presence across various states such as Karnataka, Tamil Nadu, Andhra Pradesh, and Telangana. Wakefit.co currently has an offline presence in Telangana, with two stores in Hyderabad, and working towards launching one store each in Visakhapatnam (Andhra Pradesh), and Secundrabad (Telangana) by the end of this month. In line with this expansion, the company served 1.65 lakh customers during the year while recording a 24% and 57% year-on-year growth in Andhra Pradesh and Telangana, respectively, between 2021 and 2022.

Chaitanya Ramalingegowda, Director and Co-Founder of Wakefit.co, said, “We are honoured to have served over 1.6 lakh customers with our home and sleep solutions offerings in Andhra Pradesh and Telangana. We are overwhelmed by the feedback that we have received from our customers in both states and we are ecstatic for the future as we continue laying the groundwork for our future endeavours in the two states. We are grateful for the ongoing support we have received from our investors. We will continue to work towards achieving our vision of becoming India’s most loved home and sleep solutions brand.”

Ankit Garg, CEO and Co-Founder of Wakefit.co shared, “Andhra Pradesh and Telangana have always been crucial markets for us. Our Series D funding falls in line with our expansion plans as we aim to penetrate and build our presence further in these markets. Our aim is to strengthen our position in the home and sleep solutions industry by serving our customers with the best offerings. Furthermore, we will also utilize this funding to expand our manufacturing and supply chain capabilities. We thank our customers for their continued support and confidence in us, as we pursue our goal to become a market leader in home and sleep solutions.”

In FY 22, Wakefit.co clocked in an overall revenue of INR 636 crores recording a 54% revenue jump since FY 21. A significant lever for Wakefit.co’s expansion has been the launch of India’s largest furniture factory in 2022, which has helped scale the furniture segment within the company. The factory has the capacity to furnish nearly 1 lakh homes per month. Wakefit.co was also the most searched sleep brand in both states in the previous year, showcasing the brand’s popularity among consumers. The company aims to close FY 2024 with over INR 1200 crores in revenue, turn EBITDA positive while growing at a rapid pace, and become the most loved home solutions brand in India.