D2C brand Wakefit secures $40 million in funding led by Investcorp

• ByStartupStory     |    January 13, 2023

Direct-to-consumer (D2C) mattress maker Wakefit Innovations announced on Friday that it had received Rs 320 crore (about $40 million) in a transaction that was led by Bahrain’s alternative investment firm Investcorp. 

The company intends to grow and add more retail locations using the proceeds of this new investment round. 

In the Series D round of funding, previous investors Sequoia Capital India, Verlinvest, and SIG also took part. Wakefit withheld information on its post-money valuation. 

In an expression of confidence in the company’s future, all current investors, including Sequoia Capital India, Verlinvest, and SIG, also took part. Wakefit.co’s only advisor on the deal was IndigoEdge.

Ankit Garg, CEO and Co-Founder of Wakefit.co shared, “The Series D round comes at a vital point in our growth journey as we continue to expand our presence across India. This funding round will solidify our position in the home and sleep solutions space, and will enable us to scale up our manufacturing and supply chain capabilities. We thank our investors for their support and trust in our journey of becoming a market leader in our space.”

 Varun Laul, Partner,Investcorp PE, said. “ We are excited to invest in WakeFit as it continues its journey towards becoming the market-leading sleep solutions and home decor omnichannel brand. The investment aligns with Investcorp’s thesis on increasing the consolidation of unorganized sectors by emerging consumer brands. We look forward to supporting Ankit and Chaitanya in profitably scaling this business and taking WakeFit public in the future.”

Wakefit.co had a 54% increase in income from the previous fiscal year, clocking in at INR 636 Cr in FY 2022.

Follow Startup Story