Wakefit raises $40 mn led by Investcorp
Summary
This funding round will solidify our position in the home and sleep solutions space, Wakefit chief executive Ankit Garg said in an interview.Wakefit will use the fresh capital to start new categories and deepen its omni-channel presence across the country as part of its aim to cross 1,200 crore in revenue in the next financial year. It will also ramp up manufacturing and supply chain capabilities, branding and increase its workforce.Bengaluru-based Wakefit expects to end this financial year at about 900 crore revenue, growing about 40%. The rest comes from online marketplaces.Wakefit last raised 200 crore as a part of its Series C round led by US trading firm SIG in December 2021. In 2020, it forayed into the furniture business, expanding its portfolio to beds, study tables, and shoe racks, among others.Garg said Wakefit is close to achieving profitability on an earnings before interest, taxes, depreciation and amortization (Ebitda) level by the end of this quarter. (Over the last year), most of the investment has gone into building factories, showrooms, supply-chain, designing and engineering, Garg said.For furniture, people like to go to a store and try out products and then purchase, said co-founder Ramalingegowda, explaining the rationale behind growing the offline business.