Popular Furniture brand Wakefit has raised $40 million in series D funding led by Investcorp. Wakefit’s existing investors Sequoia Capital India, Verlinvest, and SIG also participated in the round.
Wakefit will use the funds to expand categories and widen its presence in Tier II and Tier III cities of the country. The company also aims to strengthen its supply chain and add staff.
“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,” Ankit Garg, CEO, and Co-Founder of Wakefit, said.
Wakefit was founded by Ankit Garg and Chaitanya Ramalingegowda back in 2016. The company initially began selling sleep solutions including mattresses, pillows, and bed frames. Now the company has added more furniture items including study tables, bookshelves, and shoe racks. The company has its own online and omnichannel stores. It also sells products on other online stores such as Amazon, Flipkart, and Pepperfry.
The company manufactures its products in its factories in Bengaluru, Jodhpur, and Delhi.
Wakeful aims to be profitable by the fiscal year 2024 and clock a revenue of Rs 1,200 crore in the next two years. It also wants to open nearly 30 physical stores by March and another 70 stores by the end of FY23.
Wakeful competes against other popular brands such as Sleepwell, Sheela Foam, and Kurl-on. Wakefit last raised Rs. 200 crores in Series C round led by US trading firm SIG in December 2021, Rs. 185 crores in Series B from Verlinvest and Sequoia Capital India, and Series A from Sequoia Capital India.
