Sleep and home solution startup Wakefit announced on Thursday that it has raised $28 Mn or INR 200 Cr in a Series C round. U.S. based SIG led the round while existing investor Sequoia Capital and Verlinvest also participated in the funding round. The company commanded a valuation of around $375 Mn or INR 2,800 Cr in the latest round.
Notably, the Bengaluru based startup had raised INR 185 crore in a series B round earlier this year. In the series B, the company was valued around INR 1,900 Cr.
The company said that it will use the capital infusion for setting up its offline experience centers, streamlining supply chain, managing logistics and ramping up hiring. Additionally, it will use funds for increasing its product offering across different verticals. The company had recently forayed into home furniture and sleep accessories market while it has plans to foray into home interior market.
Started in 2015, Wakefit was launched as an online mattress seller that manufacture mattresses and sells them directly to the end customers. Since then the company has seen its brand equity rising despite having many legacy player competing in this market.
Wakefit is a rare breed among Indian startups as it claims to be a profitable company. A rare distinction that it claims to have achieved merely six months after the company started its operation. As for 2021, the company claims that its revenue has touched almost INR 410 Cr.
Wakefit’s profitability is even more praiseworthy considering that the company manufactures its own mattresses. For manufacturing startups it is never quite easy to achieve profitability, more so in a market that has many established and legacy players.
Wakefit’s second funding this year sums up investors upbeat mood around D2C brands. This year two big D2C brands MyGlamm and Licious have turned unicorn.