Sequoia backed sleep and home solution startup Wakefit has decided to go full throttle for an aggressive expansion, after the company announced on Tuesday that it will invest another INR 15 Crore for expanding its business. This investment will be used for setting up of new facilities, expanding product lines and strengthening technological capabilities.
The company said that it is hopeful that this fresh investment will help in clocking INR 450 crore in FY2021. The Bengaluru based startup further added that it is in the process of hiring nearly 200 people in the upcoming months for speeding up its growth.
The latest investment will be mainly catered in helping the company in strengthening its presence in the home solutions space – mostly constituting of ‘home furniture category.’ The company is planning to achieve this ambitious goal by ramping up its manufacturing capabilities, in-house R&D and Direct-to-consumer DNA and a continuing focus on engineering products.
Currently, Wakefit has 5 manufacturing facilities including two in Bengaluru, two in Jodhpur, and one in Delhi.
Following the fresh investment, Wakefit is planning to unveil new manufacturing facilities in Jodhpur and Delhi.
The company said that its success in online mattress and sleep solutions will help in inspiring its efforts to create a niche for itself in the home solution space.
Commenting on the Investment move, Chaitanya Ramalingegowda, Co-founder and Director, Wakefit.co, said, “National and International trends indicate the rise in demand for sectors such as home solutions, digital services, gaming, and in-home entertainment. Our move to enter into a challenging but incredibly opportune market has come at the right time since e-commerce is at its inflection point given the headwinds faced by the traditional offline segment due to the pandemic and the changes it has brought in consumer behavior.”
“We believe that home is now truly where the heart is. A lot of emotion and thought goes into creating a home, and at Wakefit.co, we are committed to enhancing this experience by providing people with quality products at optimal value,” added Ramalingegowda.