Sleep solutions startup, Wakefit.co, has landed ₹185 crores in its latest funding round. The Series B financing round saw participation from Verlinvest along with existing investor, Venture Capital & Private Equity firm – Sequoia Capital India.
Wakefit was founded in 2015 and offers mattresses along with other sleep-related products such as pillows and comforters. The startup eyes revenue of ₹1000 crores by 2023 with the fresh funds raised, along with expanding its product portfolio to accelerate growth.
With factories in Pune, Bengaluru, Hyderabad, Delhi, and Jodhpur, the startup is soon expected to invest in machinery, hiring, and new factories.
Speaking on the funds raised, Ankit Garg, co-founder and CEO, 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.”
Chaitanya Ramalingegowda, director and co-founder of Wakefit.co, said – “The past year has been an exceptional one for us, with customer demand evolving and growing in a completely upturned lifestyle. In order to create rapid growth opportunities in this landscape, we raised Series B funding to bolster key functions such as R&D, logistics, operations, technology and marketing. We are happy to partner with Verlinvest, which has previously invested in top unicorns in India.”
The firm has also set up an Employee Stock Ownership Plan (ESOP) buyback of ₹15 crores for the well-being of its early employees, as part of the funding round, with an addition of 40-50 employees into the ESOP pool.
Arjun Anand, Executive Director, Verlinvest, remarked – “We are excited and happy to partner with Wakefit.co and its founders in their journey to build a unique, digital-first brand in the Indian home solutions market. 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.”
Established in 1995 and with approximately Euro 1.6 billion of assets under management, Verlinvest is present in Brussels, London, Singapore and New York. With over 20 active investments in Asia (particularly in India), North America and Europe, the group focuses on investing behind business leaders to build global, consumer businesses and brands, particularly in the food and beverages, digital and healthcare sectors.
-AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.