Sleep Solutions Firm Wakefit Raises $40 Mn In Funding From Investcorp

Wakefit.co, a home and sleep solutions start-up, has raised $40 million in funding from Bahrain-based investment firm Investcorp. Existing investors Sequoia Capital India, Verlinvest, and SIG also participated in the series D round.

The company will use the money for improving products, omnichannel presence, manufacturing and supply chain capabilities. It will hire new employees and step up brand building initiatives.

“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 of Wakefit.co.

The company last year launched 12 physical stores and aims to increase the number to 100 across 20 cities in the next three years.

“We are excited to invest in Wakefit.co as it continues its journey towards becoming the market-leading sleep solutions and home decor omnichannel brand. The investment aligns with Investcorp’s thesis on the increasing consolidation of unorganised sectors by emerging consumer brands,” said Varun Laul, partner at Investcorp PE.

The company earned Rs 636 crore as revenue in FY22 a 54 per cent jump from FY21. The firm aims to close FY24 at over Rs 1,200 crore in revenue, while also turning EBITDA positive.

IndigoEdge was the exclusive advisor for Wakefit.co on the transaction.