The Bengaluru-based home and sleep solutions brand Wakefit Innovations Ltd. has taken a big leap towards becoming a publicly listed company, receiving the Securities and Exchange Board of India (SEBI) approval to launch its initial public offering (IPO).
This milestone marks a defining chapter in Wakefit’s journey — from a small online mattress brand to one of India’s most trusted D2C home lifestyle names.
IPO Details: Fresh Issue + Offer for Sale
According to SEBI filings, Wakefit’s IPO will comprise:
- A fresh equity issue worth ₹468.2 crore, and
- An Offer for Sale (OFS) of 5.84 crore shares by promoters and existing investors.
Promoters Ankit Garg and Chaitanya Ramalingegowda are expected to dilute part of their holdings, alongside early investors including Peak XV Partners (formerly Sequoia Capital India), Verlinvest, Investcorp, Redwood Trust, SAI Global, and Paramark Ventures.
The proceeds from the fresh issue are likely to be used for expanding manufacturing facilities, strengthening distribution, brand marketing, and working capital needs.
From Sleep Startup to Home Solutions Powerhouse
Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit began as a simple mattress startup with a mission to revolutionize how India sleeps.
They realized that most Indians were compromising on sleep quality — choosing cheap, uncomfortable options due to lack of awareness and transparency.
So, Wakefit disrupted the traditional furniture industry by:
- Offering high-quality mattresses directly to consumers, cutting out middlemen
- Leveraging scientific research on ergonomics and sleep patterns
- Delivering products straight to customer homes, simplifying logistics and affordability
Over time, the company expanded its portfolio to include:
- Beds, sofas, tables, chairs, wardrobes, and home accessories
- Pillows, comforters, and a growing range of lifestyle furniture
Wakefit by the Numbers
- Founded: 2016
- Headquarters: Bengaluru, India
- Co-founders: Ankit Garg & Chaitanya Ramalingegowda
- FY24 Revenue: Estimated over ₹800 crore (up from ₹636 crore in FY23)
- Profitability: Among few D2C brands showing consistent operational profit
- Category: D2C Home & Sleep Solutions
Wakefit’s omnichannel strategy — combining online sales with experience stores — has helped it build trust across Tier 1 and Tier 2 cities, turning it into one of India’s most recognized consumer durable brands.
The IPO Impact: A D2C Milestone for India
Wakefit’s IPO approval is not just a corporate milestone — it’s a signal for India’s entire Direct-to-Consumer (D2C) ecosystem.
The listing will make Wakefit one of the first major D2C furniture and sleep brands to hit the Indian stock market, following in the footsteps of consumer-tech players like Mamaearth and Boat exploring similar paths.
It showcases the maturity of the Indian startup ecosystem, where brands born online are now scaling profitably, diversifying, and entering mainstream capital markets.
What’s Next for Wakefit?
With SEBI’s approval in place, Wakefit is expected to move toward filing its red herring prospectus (RHP) and begin its roadshow and book-building process soon.
The IPO will likely help the company:
- Expand its offline footprint to more cities
- Strengthen brand recall through aggressive marketing
- Explore new product lines in home improvement and décor
- Accelerate exports in the sleep and furniture category
From Startup Dreams to Stock Exchange Reality
Wakefit’s journey reflects the power of vision, persistence, and problem-solving.
From shipping mattresses out of a small warehouse in Bengaluru to clocking ₹800+ crore in annual revenue, Ankit Garg and Chaitanya Ramalingegowda have shown how a customer-first mindset and product innovation can build a household brand in India.
As Wakefit readies for its IPO, one thing is clear — the brand that helped India sleep better is now waking up to a billion-dollar opportunity. 🌙📈