Wakefit was started in 2016 with a vision of offering highly innovative sleep solutions at affordable prices, thus democratising sleep in India. The ethos of Wakefit lies in extensive and deep customer centric research. The founders, Ankit Garg and Chaitanya Ramalingegowda started off by visiting about 100 customer homes to perfect the recipe of the ideal mattress.
They realised that the sleep industry was highly fragmented and had seen very little innovation in the past few decades. So they focused on creating innovative sleep products that actually solved sleep problems and did so at affordable prices. This was achieved through in-house R&D and manufacturing, and also using a direct-to-consumer online channel as the primary method of reaching consumers. In 2018, Wakefit received Series A funding of INR 65 crores from marquee investor Sequoia Capital.
After the success of sleep solutions, Wakefit has now expanded into the home solutions space, launching furniture in categories such Sofas, TV Units, Coffee Tables, Bookshelves, Study Tables and much more. The founders plan to double down on the company’s strengths, which include strong manufacturing capabilities, in-house R&D and Direct-to-consumer DNA with a focus on engineering products that facilitate ergonomics and overall wellness.
Wakefit.co has set up factories across Bengaluru, Delhi and Jodhpur, and opened up warehouses to bolster the delivery and experience for customers. In light of these rapid expansion plans, Wakefit.co secured a series B round of funding of INR 185 crores from Verlinvest and Sequoia Capital India in December 2020. This latest round of funding will be deployed in fostering product innovation, expansion in newer markets and investments in technology to deepen Wakefit's consumer first approach. As part of the funding round, Wakefit has also instituted an ESOP buyback worth INR 15 crores for the benefit of Wakefit's earliest employees. 40-50 new members will also be added to the ESOP pool to reward their commitment while they grow with the company.