As per reports, Wakefit is expected to file its draft red herring prospectus (DRHP) in the coming months, aiming to raise between Rs 1,500–2,000 crore (approximately $200 million) through the public issue.
New Delhi: Home and sleep solutions brand Wakefit is set to convert into a public company, as it gears up for its much-anticipated IPO, according to media reports. The company’s board has approved a name change from Wakefit Innovations Private Limited to Wakefit Innovations Limited, aligning with its transition to a listed entity.
As per reports, Wakefit is expected to file its draft red herring prospectus (DRHP) in the coming months, aiming to raise between Rs 1,500–2,000 crore (approximately $200 million) through the public issue.
In compliance with listing norms, the company has strengthened its board by appointing independent directors: Sudeep Nagar, Sandhya Pottigari, Aridam Paul, Gunender Kapur, and Alok Chandra Misra.
Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit has evolved from a D2C mattress startup into a full-fledged home solutions player. The company reported a 21% revenue jump to Rs 986.4 crore in FY24, while losses narrowed sharply from Rs 145 crore to Rs 15 crore.
Wakefit has raised over $100 million from investors, including Peak XV Partners, Verlinvest, and Paramark Ventures, some of whom are expected to exit via the IPO partially.
The company competes with both legacy and digital-first players in India’s furniture and sleep market, including IKEA, Pepperfry, Duroflex, SleepyCat, and WoodenStreet.
— Source: Media Reports
