Direct-to-consumer brand Wakefit has raised Rs 320 crore Series D round of funding led by Bahrain’s alternative investment firm Investcorp.
Other existing investors, Sequoia Capital India, Verlinvest, SIG, also participated in the current round, said the company in a press statement.
In 2021, Wakefit raised Rs 200 crore in its last round led by Susquehanna International Group.
Speaking to Moneycontrol, Chaitanya Ramalingegowda, Director and Co-Founder of Wakefit said that the startup 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.
In addition, these funds will be used to beef up manufacturing and supply chain capabilities, ramp up hiring across levels, and also enhance brand building initiatives. The brand also plans to run pilots in the Middle East before expanding there.
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,” Ankit Garg, CEO and Co-Founder of Wakefit, said.
Wakefit’s funding comes at a time when the D2C sector has started seeing a consolidation. This week, roll-up e-commerce startup G.O.A.T Brands Labs acquired lifestyle brand Chumbak along with four other brands. In November, Aditya Birla Group’s house of brands TMRW acquired D2C brand Bewakoof for Rs 200 crore and eight other lifestyle brands.
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