Wakefit is one of India’s unique startups that researches on sleep and spine support to create innovative products.
Wakefit, India’s leading mattress and sleep-related products innovator, has raised ₹65 crore from Sequoia Capital in exchange for 31.9% equity. Post the investment, the previously bootstrapped startup’s valuation now stands at over₹210 crore. The startup will leverage 10-15% of the acquired funds primarily to strengthen its manufacturing arm by introducing automation and boosting its production capacity from 250 mattresses per day to 700 mattresses per day. The startup also plans to invest further in innovation and launch newer product ranges, including bedsheets fabricated with wood pulp fibers,comforters, pillows, and sleepwear.
India’s largest direct-to-consumer sleep solutions company, Wakefit has been riding on a wave of exceptional success. Founded in 2015, it became profitable in July 2016 within 6 months of initiating operations. During the financial year 2017-18, its revenue stood at ₹27.6 crore and net profit at ₹2.2 crore, a significant increase from ₹6.7 crore and ₹36 lakh in 2016-17.The company has grown 3.5X in FY17 and is on track to grow by 3X in FY18.
Commenting on the funding, Ankit Garg, Co-Founder and CEO, Wakefit, said, “We are excited about partnering with a storied investor such as Sequoia Capital in our journey of building thisunique startup. The funds will be deployed in strengthening our manufacturing and fulfillment capabilities across the country, brand building, and hiring the right talent.”
Chaitanya Ramalingegowda, Co-Founder, Wakefit, said, “Wakefit has been at the forefront of high quality sleep solutions since 2015, democratizing great sleep and changing the way India sleeps. We are very keen to initiate the next leg of our journey backed by the support from the prestigious venture capital firm Sequoia Capital.”
A major share of the funds raised will also be directed towards educating customers regarding the indispensable role of a quality mattress in human health and wellbeing.The startup already offers customer-centric features such as a 20-year warranty and 100-day risk-free trial, to educate the customers on the importance of sleep. It overarching goal is to democratize sleep for everybody by offering quality mattresses at pocket-friendly prices. Going further, Wakefit plans to form deeper inroads into 20 Tier-2 cities across India, while targeting an affordable price point that will allow families from all strata of the Indian society to sleep better on a daily basis.
Launched in early 2016 and headquartered in Bangalore, Wakefit is one of India’s unique startups that researches on sleep and spine support to create innovative products.