Home and sleep solutions company Wakefit.co on Thursday said it has raised Rs 200 crore (about $28 million) in funding, led by SIG - taking the company's valuation to over Rs 2,800 crore (about $380 million).
The Series C round also saw participation from Sequoia Capital India and Verlinvest as existing investors, the statement said.
The funding will bolster Wakefit.co's omnichannel expansion plans and will be deployed to boost supply chain and logistics management, technological enhancement, increased marketing spends while also hiring across all levels in the coming months, it added.
The company had received Series A funding from Sequoia Capital India, and series B funding of Rs 185 crore from Verlinvest and Sequoia Capital India.
Wakefit.co aims to further its vision of improving the quality of living in Indian homes through its high quality yet affordable home and sleep solutions products, and the infusion of funds will help Wakefit reach deeper pockets of the country, the statement said.
With over 45 per cent of its revenue coming from beyond the top 8 cities, the company plans to cater to the increasing demand by continuing its focus on R&D and expanding product lines to include lighting, decor, furnishings, and others in addition to its sleep and furniture products.
Wakefit.co plans on further strengthening areas like customer experience and product innovation by investing extensively in the enhancement of research, setting up state-of-the-art factories, warehouses and experience centres, innovative marketing campaigns, as well as skill-building for staff and contract workers, the statement said.
Wakefit.co said it is on track to achieve Rs 700 crore by the financial year 2021-22, despite being impacted like most businesses during April and May 2021 due to the second wave of the pandemic. In October, the company sold over 1 lakh mattresses and clocked business worth over Rs 100 crore.
“The infusion comes at a strategic point in time for us, as we drill down on large-scale expansion across the country. As the number one sleep player in India (online), we are aiming to replicate our success in the home and furnishings space too,'' Ankit Garg, Chief Executive Officer and co-founder of Wakefit.co, said.
He added that the Series C round will help us broaden category offerings, as well as create avenues for deeper geographical penetration.
(With inputs from PTI)
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