[Funding Alert] Wakefit Raises Rs 320 cr in Series D Funding
[Funding Alert] Wakefit Raises Rs 320 cr in Series D Funding

Direct-to-consumer brand Wakefit raised Rs 320 crore Series D round of funding led by Bahrain’s alternative investment firm Investcorp.

Other existing investors, Sequoia Capital India, Verlinvest, and SIG, also participated in the current round. The raised funds will be used to improve its delivery operations and factory and make its way into Tier II and III cities. The brand also plans to run pilots in the Middle East before expanding there.

In 2021, Wakefit raised Rs 200 crore in its last round led by Susquehanna International Group.

The brand plans to open 100 stores across 20 cities in the next 24 months. The capital will also be used for product innovation and customer-centricity.

The company, which was started by Ankit Garg and Ramalingegowda, sells mattresses, furniture, and accessories, furniture contributes 25 percent to the overall revenues of the company.

“Last financial year, we clocked a revenue of Rs 636 crore. This March, we are aiming to close our revenues at Rs 900 crore,” said Ramalingegowda. He added that the brand is targeting a revenue of Rs 1,200 crore for FY2024.

“The Series D round comes at a vital point in our growth journey as we continue to expand our presence across India. This funding round will solidify our position in the home and sleep solutions space, and will enable us to scale up our manufacturing and supply chain capabilities,” said Ankit Garg, CEO, and Co-Founder, Wakefit.

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