Wakefit, a leading direct-to-consumer (D2C) home and sleep solutions brand, is planning to raise INR 1,500-2,000 crore ($200 million) through an initial public offering (IPO). While the company is expected to file draft papers for the IPO in the coming months, it has not yet finalised the timing of the listing.
Wakefit, founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda and based in Bengaluru, is best known for its mattresses, furniture, and sleep-related products. The company has built a strong brand presence in India with its quality offerings, customer-friendly pricing, and online-first business model.
Axis Capital, IIFL, and Nomura to Lead IPO Process
As per a report by Moneycontrol, citing sources familiar with the matter, Wakefit has appointed Axis Capital, IIFL Capital Services, and Nomura as its lead bankers for the IPO. These firms will support Wakefit in preparing for the public listing, handling key processes like regulatory filings, valuation, and investor outreach. The company is expected to file its draft red herring prospectus (DRHP) with SEBI in the next few months.
The IPO is likely to include a mix of fresh shares and an offer-for-sale (OFS) by existing investors. This will help Wakefit raise new capital for expansion while allowing early investors to partially exit.
Backed by Peak XV and Other Major Investors
Wakefit’s key investors include Peak XV Partners (formerly Sequoia Capital India &SEA), Verlinvest, Investcorp, and Susquehanna International Group (SIG). The brand has grown steadily over the years, offering a wide range of home products such as beds, sofas, wardrobes, study desks, and more.
In FY24, Wakefit’s operating revenue increased to INR 986.4 crore as compared to INR 812.6 crore in FY23. The company has also opened offline experience centres across major cities like Bengaluru, Ahmedabad, Chennai, Delhi, and more to support its online operations and reach more customers.
IPO to Boost Market Position and Expansion Plans
With the IPO, Wakefit aims to strengthen its market position and support future growth in the D2C space. The funds raised may be used to expand product lines, open new stores, and invest in technology and logistics.
The company’s move to go public reflects the rising interest in Indian D2C brands. Wakefit’s listing will be closely watched and may set the tone for other startups in the home and lifestyle segment.
Nitin Konde
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