D2C brand Wakefit secures $40 million in funding led by Investcorp
Summary
Direct-to-consumer (D2C) mattress maker Wakefit Innovations announced on Friday that it had received Rs 320 crore (about $40 million) in a transaction that was led by Bahrains alternative investment firm Investcorp.The company intends to grow and add more retail locations using the proceeds of this new investment round.In the Series D round of funding, previous investors Sequoia Capital India, Verlinvest, and SIG also took part. Wakefit withheld information on its post-money valuation.In an expression of confidence in the companys future, all current investors, including Sequoia Capital India, Verlinvest, and SIG, also took part. Wakefit.cos only advisor on the deal was IndigoEdge.Ankit Garg, CEO and Co-Founder of Wakefit.co shared, 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. We look forward to supporting Ankit and Chaitanya in profitably scaling this business and taking WakeFit public in the future.Wakefit.co had a 54% increase in income from the previous fiscal year, clocking in at INR 636 Cr in FY 2022.