Wakefit.co Achieves Impressive Revenue of Rs 825 cr in FY 2022-23

Wakefit.co, a leading home solutions brand in India, has announced its provisional unaudited financials for FY 2022-23, revealing a remarkable revenue of Rs 825 crore. This achievement can be attributed to the brand's dedicated efforts in expanding its omnichannel presence, optimizing supply chain operations, and strengthening brand-building initiatives. With a notable 30 percent year-on-year growth compared to FY 2021-22, Wakefit.co is on a steady path of expansion, aiming to become the ultimate destination for all home-related needs in India.

Driven by a focus on profitability, Wakefit.co has set a target to surpass the Rs 1000 crore revenue milestone in FY 2023-24. The company's future growth strategy relies on a continuously expanding product portfolio and broader geographic and demographic reach. Having already served customers in over 19,000 pin codes across the country, catering to the needs of more than 2 million customers over the span of seven years, Wakefit.co aims to be the go-to home solutions partner for Indians at different stages of their lives, offering comprehensive services and products.

Chaitanya Ramalingegowda, Director and Co-Founder, Wakefit.co said, “We are delighted to have served customers across the nation with our home and sleep solutions offerings. The 30 percent Y-o-Y growth in revenue is a testament to the immense satisfaction people have found in our products and we look forward to serving them even better this year. We are continuously working towards bringing premium-quality products at affordable prices and will continue to move towards achieving our vision of becoming India’s most loved home and sleep solutions brand.”

Ankit Garg, CEO, and Co-Founder, Wakefit.co, added, "We forayed into the home solutions market in 2020 and, since then, have witnessed rapid growth in those categories. FY 2023 further solidifies our position in the home and sleep solutions industry. This growth has been possible due to the continued support our customers have shown us. This year, our focus will be on pursuing our goal to become a market leader in the home and sleep solutions category.”

In FY 2023, Wakefit.co launched 22 physical stores across 15 cities in the country, which has helped in penetrating deeper pockets and being available closer to customer hubs in both metro and tier-ll cities. The offline stores have played a key role in clocking Rs 825 crore in revenue in FY 2023 with stores steadily contributing a higher percentage of monthly revenue. The omnichannel push will continue to be a strategic growth driver in the next 3 years, with plans to open close to 100 stores across the country. 

In 2022, Wakefit.co unveiled India’s largest furniture factory, with the capacity to furnish almost 1 lakh Indian homes every month. This significantly improves the company's manufacturing capabilities and positions it to become India's most loved home solutions brand. With a range of products such as sofa, wardrobes, dining sets, bedside tables, shoe racks, coffee tables, bed frames, soft furnishings etc. that are part of the furniture portfolio, the segment currently contributes to ~20-25 percent of Wakefit.co’s revenue. 

In FY 2022, the company clocked in a revenue of Rs 636 crore. In the past year, Wakefit.co has significantly ramped up its furniture portfolio and has also emerged as the most searched brand in the home and sleep solutions category. The company also emerged as the highest-reviewed home and sleep brand having recorded over 6,00,000 reviews across online platforms.