Bengaluru-based D2C furniture and cushion brand Wakefit has raised $40 Mn in funding smooth-edged led by Investcorp, with existing investors Sequoia India, Verlinvest, and SIG also contributing in the funding round.
Wakefit plans to use the received funding to work on its delivery operations and factory, along with growing to Tier II and III cities, an ET report said. It is prudent to an indication that Wakefit has set up an enormous 6 Lakh sq. ft. furniture manufacturing part in 2022 at Hosur.
The startup is also looking to invest in the machinery and build tech everywhere machinery in the next 24 months, cofounder Ankit Garg stood quoted as saying. He was further cited as maxi is that the tech would then decide what foodstuffs Wakefit would prioritized on the received demand.
Wakefit also devises bringing customization to its product offering by technology and machinery further nanomanufacturing of the incoming fund. “So, we will size a lot of technology in the entire engineering and distribution supply chain. The customer would have a lot more conspicuousness into what is happening,” he was quoted in place of saying.
The Bengaluru-based D2C startup also expressions to take the count of its offline stores to 100 from the contemporary number of 12.
Founded in 2016 by Garg besides Chaitanya Ramalingegowda, Wakefit sells varied sleep and home-related crops such as mattresses, pillows, bed frames, mattress protectors, sofas, study boards, bookshelves, shoe racks,d TV units, amiamonghers.
Looking at the sleep tech startup’s journey to date, it is plain that it has shifted focus from selling only cushions between 2016 and 2018 to now expanding its product categories. Wakefit has nearly 500 SKUs across 15-20 sub-categories currently.
Further, Wakefit’s dissimilar retailing channels give us a clear idea of its respectable mix of revenue streams. About two-thirds of its rummage sale come from its website, app and offline stores and the rest originated from online marketplaces with Amazon and Flipkart.