Startup Profile
Wakefit
Legal entity: Wakefit Innovations Private Limited
India's D2C sleep and home solutions brand
Funding raised
₹871.50 Cr
Total disclosed
Latest valuation
₹2515.00 Cr
Most recent round
Latest revenue
—
FY FY22
Employees
—
FY FY22
Founders
- Ankit Garg
Co-founder and CEO of Wakefit. A chemical engineer from IIT Roorkee, he worked at Bayer Material Science in the foam/polymer space for about four years before starting Wakefit. His understanding of mattress raw materials and pricing inspired the company. Featured in Forbes 30 Under 30 (2019).
- Chaitanya Ramalingegowda
Co-founder and Director of Wakefit. A former management consultant who worked with Fortune 500 companies, he drives business strategy and growth at the company.
Funding rounds
- Equity (Investcorp round)2022-12-07₹373.50 CrLed by Investcorp
- Series B2020-12-15₹185.00 CrLed by Verlinvest
- Series C2020-01-01₹232.40 CrLed by SIG (Susquehanna)
- Series A2018-12-01₹65.00 CrLed by Sequoia Capital India
Financials
MCA / self-reported| Fiscal year | Revenue | Profit / (Loss) | Employees |
|---|---|---|---|
| FY22 | — | (₹107.00 Cr) | — |
| FY23 | ₹813.00 Cr | (₹146.00 Cr) | — |
| FY24 | ₹986.00 Cr | (₹15.00 Cr) | — |
| FY25 | ₹1274.00 Cr | (₹35.00 Cr) | — |
The full story
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Timeline
- 2025-12-15IPO listing on NSE and BSE — Wakefit Innovations listed on the NSE and BSE in a flat market debut. The IPO (price band Rs 185-195) totalled about Rs 1,289 crore, with a fresh issue of about Rs 377 crore and an offer for sale of about Rs 912 crore. The IPO was subscribed about 2.52x.
- 2024Crossed Rs 1,000 crore revenue and EBITDA profitability — In FY24 Wakefit reported revenue from operations of Rs 986 crore (total income Rs 1,017 crore), achieved positive EBITDA of about Rs 66 crore and trimmed net loss by 90% to Rs 15 crore.
- 2022-12-07$45M round at $303M valuation — Raised about $45 million led by Investcorp (with Peak XV/Sequoia) at a post-money valuation of about $303 million; funds earmarked for expansion, acquisitions and ESOP buyback.
- 2020-12Series B led by Verlinvest — Raised Rs 185 crore (~$26M) led by Verlinvest with Sequoia, at a post-money valuation of about Rs 1,900 crore (~$258M).
- 2018-12Series A from Sequoia — Raised Rs 65 crore from Sequoia Capital India at a valuation of about Rs 220 crore (~$31M).
- 2016Wakefit founded — Wakefit.co officially launched by Ankit Garg and Chaitanya Ramalingegowda as a D2C mattress brand based in Bengaluru.
- 2014-12Idea conceived — Ankit Garg, drawing on his foam-materials background at Bayer, began experimenting with selling mattresses directly to consumers while still in a day job.
Data sources
- seed-list + DPIIT allowlist↗ · last fetched 2026-05-28
- DPIIT (Startup India)↗ · last fetched 2026-05-28
- Inc42↗ · last fetched 2026-06-01
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