Wakefit Innovations Pvt Ltd has secured Rs 185 crore in its Series B round of funding led by Verlinvest SA, a Belgian private investment firm. The round has also seen participation from the company's existing investor Sequoia Capital.
The mattress maker will be using the fresh capital to penetrate into non-metro areas of India, with additional capex investment in machinery, manpower addition, and factory setups on the cards.
Ankit Garg, Co-Founder and CEO, Wakefit, said, “The latest round of funding will be deployed to accelerate the company’s strategic expansion to newer markets, foster product innovation and leverage technology to deepen its consumer first-approach.”
Wakefit is also looking to open experience centres in a few cities as a pilot.
Recently, the firm has expanded its product portfolio in-home solutions, besides mattresses, pillows, and mattress protectors. The range now includes furniture like beds (cots), sofas, wardrobes, coffee tables, and other furnishings.
Arjun Anand, Executive Director at Verlinvest, stated, “We now live in very interesting times in which consumer preferences and online penetration are changing rapidly and believe Wakefit has great momentum to delight Indian consumers with great quality, value for money products delivered alongside great customer experience.”
Manvitha Janagam, Investment Professional at Verlinvest, said, “The home solutions segment in India is largely unorganised thereby providing an immense potential for disruption.”
Founded by Ankit Garg and Chaitanya Ramalingegowda, Bengaluru-based Wakefit was incorporated in 2016.
Presently, Wakefit sells its products online and via e-commerce sites including Amazon, Flipkart, and Pepperfry. The firm claims it has set up factories in Pune, Delhi, Jodhpur, Hyderabad, and Bengaluru.