Wakefit, a Bengaluru-based company that makes mattress and sleep-related products, has announced that it has secured ₹65 crore funding from Sequoia Capital.
With this funding round, Sequoia Capital now holds around 31.9 percent stake in the company, which now carries a valuation of ₹210 crore. This marks the first fundraise for Wakefit and the company said that it will utilize the funding to strengthen manufacturing capabilities.
Commenting on the funding, Ankit Garg, Co-Founder CEO, , said:
The funds will be deployed in strengthening our manufacturing and fulfillment capabilities across the country, brand building, and hiring the right talent.
The company also said that it is planning to introduce automation and boost its product capacity from the current 250 mattresses per day to 700 mattresses per day. Further, it is also looking to invest the funding to launch newer product ranges and to introduce bed sheets that will be fabricated with wood pulp fibers. Apart from this, it also intends to manufacture sleepwear, comforters, and pillows.
It is also planning to spend money towards creating customer awareness on the need for a good quality mattress. Further, it plans to enter over 20 Tier-II cities across India and is focusing on an affordable price range to reach a wider audience base.
was founded around three years ago by Chaitanya Ramalingegowda and Ankit Garg and claims to have reached profitability by July 2016. The company reported revenue of ₹27.6 crore with a profit of ₹2.2 . The company claims to have shown a 3.5x growth in FY17 and claims to be on 3x growth in FY18.