Home and sleep solutions startup Wakefit.co has raised $40 million in funding from Bahrain-based investment firm Investcorp. Existing investors Sequoia Capital India, Verlinvest and SIG also participated in the Series D round.
The company will use the funds to improve its product, omnichannel presence, manufacturing and supply chain capabilities. Hire new employees and step up your brand-building efforts.
“The Series D round comes at a key point in our growth journey as we continue to expand our presence across India. It solidifies our position and allows us to expand our manufacturing and supply chain capabilities.”
The company launched 12 brick-and-mortar stores last year and aims to increase to 100 stores in 20 cities over the next three years.
“We are pleased to invest in Wakefit.co as it continues its journey to become the market-leading omnichannel brand of sleep solutions and home décor. This is consistent with Investcorp’s claims of increased integration,” said Varun Laul, partner at Investcorp PE.
The company earned revenue of Rs 636 crore in FY22, a 54% increase from FY21. The company aims to end 2024 with earnings of more than his 1,200 kroner, while at the same time being EBITDA positive.
IndigoEdge was Wakefit.co’s exclusive advisor on this transaction.
