First Round News Hubb
Advertisement Banner
  • Home
  • First Round News
  • Funding News
  • Contact
No Result
View All Result
  • Home
  • First Round News
  • Funding News
  • Contact
No Result
View All Result
First Round News Hubb
No Result
View All Result
Home First Round News

The Capital Quest | Investcorp leads Series D round of D2C mattress and furniture maker Wakefit

admin by admin
January 15, 2023
in First Round News


Bengaluru-based direct-to-consumer home furnishing and sleep mattress maker Wakefit said Friday it has raised Rs 320 crore (just under $40 million) in its Series D round of funding led by Bahrain-based alternative investment firm Investcorp.

Existing backers Sequoia Capital India, Verlinvest and SIG also participated.

The money will be used to open more retail stores, enter new product categories, expand manufacturing and supply chain capacity, besides marketing and adding to its team.

The firm is looking to end the current financial year with revenue of around Rs 900 crore and aims to grow it by a third in the coming year.

Wakefit grew almost 50% last year to clock revenues of Rs 635 crore and is aiming to replicate the growth in the year ending March 2023.

Founded almost seven years ago by Ankit Garg and Chaitanya Ramalingegowda, the company sells products such as mattresses, pillows, bed frames, comforters, neck pillows, and back cushions besides furniture, a segment a forayed into two years ago.

Its core mattress and furnishings business is already profitable and the company is hoping to break even at the corporate level soon even as furniture as a segment will continue to absorb investment.

A year ago, it had sealed its Series C round of investment led by SIG. Previously, it had roped in Sequoia Capital India in its Series A round and raised capital from Verlinvest and Sequoia Capital India in its Series B funding.

Having started as a direct-to-consumer online label, the company has transitioned into having an omnichannel presence and last year opened over 10 stores. It is looking to ramp up its offline presence in both large and tier II cities as the average ticket size of sales from offline business is much higher and there is high conversion ratio too.

Wakefit operates in a business traditionally dominated by the likes of Sleepwell and Kurl-on, besides other D2C labels such as Sleepyhead.

Related



Source link

Previous Post

Threekit Announces the Magical Product Experience for Retail

Next Post

Bank of America and Melinda French Gates back female-founded VC Cake Ventures on the new $17M fund

Next Post

Bank of America and Melinda French Gates back female-founded VC Cake Ventures on the new $17M fund

Recommended

London and Tel Aviv unicorn alumni produce most startups

2 months ago

Charge 300km in 15 minutes: €11M funding for Amsterdam-based rapid EV charging startup Fastned

1 month ago

Israeli startup landscape collection 2023 edition

2 weeks ago

The Capital Quest | Mt K Kapital raises $43 mn realty fund for Mumbai Metropolitan Region

3 weeks ago

Ping Identity Announces Identity Excellence Award Winners 2022

4 months ago

Onfido Partners With Access Group and Amiqus

2 weeks ago

first-round-white

© 2022 First Round News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • First Round News
  • Funding News
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • First Round News
  • Funding News
  • Contact

© 2022 First Round News Hubb All rights reserved.