D2C Home and Sleep Solution Startup Wakefit raises $28 million
- ByTejika Bajaj | November 12, 2021
The Home and Sleep solution startup Wakefit announced that it has raised $28 million (Rs. 200 crore) in its Series C round of Funding led by US based SIG, a global trading and investment firm.
The round also saw participation from existing investors Sequoia Capital and Verlinvest. This round of funding has led to the company being valued at over Rs. 2800 crore.
The Mumbai-based startup intends to utilize the funds infused to further its omni-channel expansion plans, boost supply chain and logistics management, technological enhancement and marketing. The company also plans to diversify its product offerings by entering the home designing and furniture category.
Commenting about the recent infusion of capital, the CEO and Co-founder of Wakefit, Ankit Garg stated, “For the last couple of quarters, we are experimenting with newer categories and want to expand into wider home interiors and home solutions segment. The category is large enough and we are perfectly positioned to capitalise on it. The Series C round will help us broaden our category offerings, as well as create avenues for deeper geographical penetration.”
Founded by Ankit Garg and Chaitanya Ramalingegowda, Wakefit is a D2C platform which provides home and sleeps solutions. The startup sells mattresses, pillows, beds, frames, mattress protectors, and comforter and has further expanded into home products such as study tables, bookshelves, shoe racks, TV units and dining tables among others. It produces the products in its factories based in Bengaluru, Jodhpur and Delhi and sells them across the country through their online portal.
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