Direct-to-consumer home and sleep solutions start-up Wakefit.co on Thursday raised Rs 200 crore in Series C round of funding. With this, the startup's valuation is now at Rs 2,800 crore.
The Series C round was led by global trading and investment firm SIG. Sequoia Capital India and Verlinvest also participated in the round.
Founded in 2016, this funding will bolster Wakefit's omni-channel expansion plans and will be deployed to boost supply chain and logistics management, apart from technological advancement and increased marketing spends.Wakefit.co is on track to achieve Rs 700 crore revenue by FY22.
As the star-tup's 45% of revenue comes from beyond the top 8 cities, it plans to cater to the increasing demand by continuing its focus on R&D and expanding product lines to include lighting, decor and furnishings.
Ankit Garg, CEO and Co-Founder of Wakefit.co said, "The infusion comes at a strategic point in time for us, as we drill down on large-scale expansion across the country. We are aiming to replicate our success in the home and furnishings space too. The Series C round will help us broaden our category offerings, as
well as create avenues for deeper geographical penetration.”
The Series C funding comes within a year of its Series B round, where the company raised Rs 185 crore from Verlinvest and Sequoia Capital India.
In October 2021, the company sold over 1 Lakh mattresses and clocked over Rs 100 crore revenues. The home and sleep solutions start-up expects this demand to continue to surge over the next few months.