Wakefit Success Story – How it is Enabling People to Sleep Better at Night?

Wakefit Innovations Pvt. Ltd. is an Indian online mattress and furniture retailer. It was founded in 2016 by Chaitanya Ramalingegowda and Ankit Garg. The company is headquartered in Bengaluru, Karnataka, India. It specializes in producing and distributing mattresses and sleep products.

*In February 2023, Wakefit raised ₹500 crores (~$65 million) in Series D funding led by SoftBank Vision Fund.

* In March 2023, Wakefit acquired the mattress brand Sleepyhead.

* In April 2023, Wakefit launched its first offline store in Bengaluru.

Here is some information about Wakefit Innovations Pvt. Ltd:
– Wakefit Innovations Pvt. Ltd is a registered startup operating as a Private Limited Indian Non-Government Company.
– They offer a range of products including orthopaedic memory foam mattresses, protectors, and sleeping solutions.
– The company was founded in March 2016 by Ankit Garg and Chaitanya Ramalingegowda.
– Wakefit has a mattress store in India where you can buy their products.
– The registered office, manufacturer, and packer of Wakefit Innovations Pvt. Ltd is located at 3rd Floor, Umiya Emporium, 97-99, Adugodi, Tavarekere, Bengaluru, Karnataka, India.
– Wakefit has raised $145.4 million in funding so far.

Wakefit – Startup Story

– Wakefit was founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda.
– Ankit Garg’s personal experience of buying a mattress inspired him to start the company.
– Ankit Garg comes from a strong ‘foaming’ background, having worked in the industry before.
– Wakefit started as a mattress and sleep solutions startup.
– The company has experienced significant growth and success over the years.
– In FY20, Wakefit had a revenue of Rs 200 crore and was profitable.
– Wakefit has not even used half of its funding.
– The company has expanded its product offerings beyond mattresses to include furniture.
– Wakefit’s monthly revenue is currently around Rs 8-9 crore.
– The company is backed by Sequoia Capital, which invested $9.5 million in Wakefit.
– Wakefit is aiming for an IPO in the next two years and a revenue of Rs 950 crore in FY23.

Wakefit – Mission and Vision

– Wakefit was started in 2016 with a vision of offering highly innovative sleep solutions at affordable prices, thus democratising sleep in India.

– Wakefit’s vision is “to democratize sleep for one and all with premium quality sleep products at affordable pricing.”

– The mission of Wakefit is to democratize sleep for one and all with premium quality sleep products at affordable pricing.

– Wakefit aims to revolutionize the way Indians sleep and enhance the quality of sleep by providing research-based solutions at an economical price.

– The central aim of the company is to allow its users to have a peaceful sleep and promote a healthy sleep culture with its products.

Wakefit – Name, Tagline, and Logo

Name: Wakefit

– The brand name “Wakefit” signifies the company’s focus on promoting a healthy sleep culture and helping people wake up feeling refreshed and energized.

Tagline: “Sleep Internationally, Wakefit Locally”
– The tagline emphasizes the brand’s commitment to providing world-class sleep solutions tailored to the local needs and preferences of Indian consumers.

Logo:

– Wakefit’s logo consists of the brand name “Wakefit” in bold, capitalized letters.
– The logo features a stylized “W” with a curved line above it, representing a person sleeping and experiencing a comfortable rest.
– The logo’s color scheme primarily consists of blue and white, symbolizing tranquility, peace, and purity.

Wakefit – Business Model and Revenue Model
Wakefit’s Business Model:
– Wakefit’s follows a direct-to-consumer (D2C) business model.

– They have a customer-centric approach, focusing on selling their products directly to consumers.

– Their sales are driven through their own website as well as popular e-commerce platforms like Amazon, Flipkart, and Pepper Fry.

– Wakefit also utilizes marketing strategies to make sleep health a topic of conversation in every household.

Wakefit’s Revenue Model:

– Wakefit’s revenue primarily comes from the sales of their sleep and home solutions products.

– They have recorded a significant increase in revenue during their awareness campaigns.

– Presently, Wakefit’s monthly revenue is around Rs 8-9 crore.

– In FY21, Wakefit achieved a revenue of Rs 410 crore, which was a 2X growth from the previous year.

– They have also raised funding and are aiming to reach a revenue of Rs 1,200 crore by FY24.

Wakefit – Growth and Revenue

– In the last fiscal year, Wakefit recorded a 30% year-on-year revenue growth to Rs 825 crore on the back of strong offline sales.
– In FY22, Wakefit’s operating scale grew 54.8% to Rs 633 crore, marking a significant growth in revenue.
– Sequoia-backed Wakefit earned Rs 636 crore revenue in Financial Year 2021-22, showing a 50% year-over-year growth compared to FY21.
– Wakefit aims to continue its growth momentum at 30% year-on-year for the current year as well.
– The company has put focused efforts towards omnichannel expansion and marketing to drive revenue growth.
– Wakefit is looking to turn profitable in the future.

Wakefit Gurukul

Wakefit Gurukul is a training program launched by Wakefit, a D2C startup based in Bengaluru, India. Here is some information about Wakefit Gurukul:

– Wakefit Gurukul is designed to train carpenters in building home solutions products efficiently.
– The program has trained over 200 carpenters so far.
– It aims to enhance the skills of semi-skilled and unskilled laborers, particularly carpenters.
– Wakefit Gurukul is part of Wakefit’s initiative to empower and upskill individuals in the furniture manufacturing industry.
– The program focuses on providing hands-on training and practical knowledge to participants.
– Wakefit Gurukul plays a crucial role in Wakefit’s mission to provide high-quality sleep and home solutions to customers.
– The training program helps carpenters improve their craftsmanship and contribute to the production of Wakefit’s furniture products.
– Wakefit Gurukul is an example of Wakefit’s commitment to innovation and skill development in the furniture manufacturing sector.

Wakefit Revenue Breakdown

– Wakefit posted over a 50% jump in revenue to ₹636 crore in the fiscal year ended March 2022.

– The company aims to cross ₹1,000 crore in revenue in the current financial year.
– Wakefit recorded revenue of Rs 825 crore in FY23, with a 30% year-on-year growth.
– The majority of Wakefit’s income (94.74%) comes from the sale of manufactured sleep accessories, including mattresses and pillows.
– In addition to product sales, Wakefit also generates revenue from the sale of services, which amounted to 92 million Indian rupees in FY22.

Wakefit – Startup Challenges

– Wakefit has a customer-centric business model, with sales driven through their own website and popular e-commerce platforms.
– The major challenge in the mattress industry is the lack of awareness among the general public about choosing the right kind of mattresses and prioritizing sleep wellness.
– Wakefit aims to revolutionize the way Indians sleep and enhance the quality of sleep by providing research-based solutions at an economical price.
– D2C brands within the startup ecosystem face the challenge of making businesses successful and creating great products.
– Wakefit has seen significant growth, with revenue reaching Rs 410 crore in FY21, a 2X growth from FY20.
– The company has expanded beyond mattresses into furniture and has raised Rs 450 crore in funding.
– Wakefit’s success story includes overcoming failures and finding an investor after 32 failed attempts.Wakefit – Funding and Investors

The Funding details are as follows:

– Wakefit has received Series A funding of INR 65 crores from Sequoia Capital in 2018.
– They have raised $40 million in a funding round led by Investcorp.
– Other investors in Wakefit include Verlinvest and Susquehanna International Group (SIG).
– Wakefit has raised a total funding of $145 million over 4 rounds.