BENGALURU: Sleep solutions brand Wakefit has registered a 50% y-o-y growth in revenue at Rs 636 crore in the financial year ended March 2022. The start-up targets Rs 1,000 crore revenue in the ongoing fiscal. Its home solutions space is growing at a double-digit rate in India.
Ankit Garg, CEO and co-founder, Wakefit.co said the company is aiming to disrupt the home solutions market, and is also introducing initiatives such as the ‘No questions asked’ return policy.
“With a growth trajectory in place after gaining a sizable market share in the sleep solutions category, we are on track to cross the Rs 1,000 crore revenue target that we have set for FY 23,” Garg added.
The start-up recently introduced ‘right to nap’ policy, an initiative to ensure a 30-minute break for all employees during work hours. Its key growth came from Karnataka, Telangana, Tamil Nadu, Maharashtra, Uttar Pradesh and NCR.
Nearly 26 cities in the south region helped the start-up double its revenue from these regions, with over a 50% jump in sales traffic and revenue from Andhra Pradesh and Telangana.
Established in 2016, it received Series A funding from marquee investor Sequoia Capital India, Series B funding from Verlinvest and Sequoia Capital India, and recently received Series C funding of Rs 200 crore from US-based SIG, while existing investors Verlinvest and Sequoia Capital India also participated.
The company also said it has commissioned a manufacturing facility in Haryana for mattresses and a furniture factory in Hosur with a capital expenditure outlay of over Rs 100 crore.