Direct-to-consumer startup Wakefit, a home and sleep solutions company, has raised $28 million in a Series C round at a valuation of approximately $380 million. SIG, a global trading and investment firm headquartered in Pennsylvania, led the round, while Sequoia Capital India and Verlinvest participated in the round as existing investors.
The startup is on track to achieve sales of Rs 700 crore in FY22 despite being impacted during April and May 2021 due to the second wave of the pandemic. In October 2021, the festive sales period, the company sold over 100,000 mattresses, clocking revenues of more than Rs 100 crore. The home and sleep solutions company expects this demand to continue to surge over the next few months.
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.
The funding will also bolster Wakefit.co’s omni-channel expansion plans and will be deployed to boost supply chain and logistics management, technological enhancement, increased marketing spends while also hiring across all levels in the months to come.
Ankit Garg, CEO and co-founder of Wakefit, 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 funding comes within a year of its Series B round, where the company raised Rs 185 crore from Verlinvest and Sequoia Capital India. Wakefit’s product portfolio includes mattresses, pillows, beds (cots), sofas, work desks, towels, wardrobes, coffee tables, mattress protectors, bedsheets, comforters, and other sleep and home products.
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