Wakefit Innovations Ltd, a home and furnishings company, has submitted preliminary documents to the Securities and Exchange Board (Sebi) requesting permission to acquire capital through an initial public offering (IPO).
According to the draft red herring prospectus (DRHP) submitted on June 26, the planned IPO of the Bengaluru-based company consists of an offer for sale (OFS) of 5.84 crore equity shares by the selling shareholders, along with a fresh issue of equity shares totalling up to INR 468.2 crore.
Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Opportunity Fund, and Paramark KB Fund are among the selling shareholders as part of the OFS, along with the promoters Ankit Garg and Chaitanya Ramalingegowda.
How Wakefit Plans to Utilise Proceeds?
Wakefit plans to use the INR 82 crore proceeds from the new issue to open 117 new COCO Regular Stores and one COCO Jumbo Store; INR 15.4 crore to buy new machinery and equipment; and INR 145 crore to pay license fees and lease and sublease rent for already-existing stores.
The remaining sum would be utilised for regular business operations. In addition, INR 108.4 crore will go towards marketing and advertising costs to raise brand awareness and visibility.
Additionally, the business might think about doing a pre-IPO placement of up to INR 93.6 crore. By implementing such a placement, the size of the fresh issue will be reduced.
Wakefit’s Products and Business Operations
Founded in 2016, Wakefit is one of the newest domestic companies in India’s home and furniture industry. The company distributes a variety of mattresses, furniture, and furnishings through both internal and external channels, including a number of marketplaces like multi-branded stores and major e-commerce platforms.
Its full-stack vertical integration allows it to manage all facets of business operations, from product conception, design, and engineering to manufacturing, distribution, and customer experience and engagement.
Two of Wakefit’s five manufacturing facilities are located in Bengaluru, Karnataka; the other two are in Hosur, Tamil Nadu; and the fifth is in Sonipat, Haryana.
IPO Getting More Popular Among Startup Sector
Due to a robust IPO market and a resurgence of investor interest in tech equities, a number of technology businesses intend to go public in 2025.
Lenskart, an eyeglasses startup, has contacted investment banks to present for the mandate for its possible initial public offering (IPO), which may raise $1 billion. Groww, a stock broker, had selected five investment banks for a $1 billion initial public offering.
In the near future, startups like SoftBank-backed OfBusiness and contract maker Zetwek hope to raise $1 billion through initial public offerings (IPOs). Up to 25 firms hope to debut on the public market in 2025.
This comprises companies that aim for $500 million initial public offerings (IPOs), such as edtech company PhysicsWallah, AI unicorn Fractal, construction materials portal Infra.market, and leader in rapid commerce Zepto.
With solid institutional support and a broad range of digital payment and issuance tools designed for India’s quickly digitising commerce sector, Pine Labs’ initial public offering (IPO) is anticipated to be a notable fintech listing in 2025.
In this fast-paced world, quality sleep is an absolute necessity for maintaining good health and overall well-being. The mattress industry in India has witnessed remarkable advancements, with innovative technologies and materials transforming the way we rest and rejuvenate.
Whether you’re a millennial with a hectic lifestyle or an elder seeking a peaceful slumber, choosing the right mattress can make a world of difference in your daily life. With numerous brands flooding the market, each claiming to offer the best sleep experience, it can be overwhelming to find the perfect match for your sleep needs. The mattress business in India is rapidly growing, driven by rising health awareness, urbanization, and demand for better sleep solutions.
Fear not! Our blog is here to guide you through the clutter and present you with a carefully curated list of the finest mattress brands in India. So, if you’re ready to discover the ultimate sleep companion that promises restful nights and energizing mornings, join us as we explore the crème de la crème of the mattress world for the year 2025. When exploring the sleep industry, analyzing top mattress company names can offer valuable insights into branding, innovation, and consumer trust.
S.no
Product
Price (in INR)
Rating (out of 5)
1
Sunday LGA Certified Latex Foam Soft King Size Mattress
19,397
3.4
2
Wakefit Mattress | 10 Years Warranty
22,929
4.4
3
Sleepypanda Vita Ortho Memory Foam Mattress
7,856
4.6
4
Duroflex Strength Mattress
29,395
4.1
5
Sleepyhead Original – 3 Layered BodyIQ Orthopedic Memory Foam Mattress
11,898
4.4
6
Peps Spine Guard 8-Inch Queen Size Spring Mattress
Diwan, Single, Double, King, Queen, XL Queen, Customized
Best Mattress Companies in India – Sunday Orthopedic Bed Mattresses
Sunday is one of the most prominent names when it comes to mattress brands in India. It provides advanced-technology-equipped mattresses. The mattresses offered are made of memory foam, which provides 5-zone orthopedic support, and are LGA-certified from Belgium. Sunday Mattress also offers a 10-year warranty and a 100-night trial for its customers.
The notable features that make Sunday mattresses stand out from the rest are:
Compressing a mattress is known to reduce life by 30% and reduce the foam’s orthopedic properties. The critical thing about Sunday mattresses is that they never compress the mattress. So, you are assured of getting a better life and full orthopedic benefits.
The mattress uses many more natural materials. For example, Latex is natural and certified to European standards, and the top cover is made of Organic cotton to ensure better summer comfort.
100-night trial so that you get a hassle-free cash refund if you do not like the mattress.
Pros of Sunday Mattress
Innovative sleep technology
Thoughtfully designed mattresses for personalized comfort
Premium materials for durability and long-lasting performance
Cons of Sunday Mattress
Relatively higher price point
Limited physical presence may limit availability in certain areas
User Testimonial
Lovely feeling when you plunge on to it after a long day of work and especially after adventurous Bangalore traffic.
2. Wakefit
Company Name
Wakefit
Founded In
2016
Founder
Ankit Garg and Chaitanya Ramalingegowda
Headquarters
Bengaluru, Karnataka
Mattresses by Size
King, Queen, Single, Diwan, Kids
Best Mattress Companies in India – Wakefit XpertGRID Mattress
Wakefit is a D2C-based startup that aims to improve the way of living of Indian households. They provide high-quality sleep products with affordable pricing. Founders have done enormous research and built the startup on customer centricity.
As of the financial year 2021, Wakefit raised Rs. 200 crores in its Series C funding. This helped them enhance the logistics management, boost the supply chain, and increase market spending. It is one of the top 10 mattress brands in India.
The top Wakefit mattress products are dual comfort mattresses, foam spring mattresses, orthopedic memory foam mattresses, and 7-zone latex mattresses.
Pros of Wakefit Mattress
Affordable and value-for-money mattresses
Offers good support and pressure relief for most sleepers
User-friendly online buying experience with doorstep delivery
Cons of Wakefit Mattress
Limited options for firmness levels
Some users may find the mattresses too firm for their liking
User Testimonial
I definitely wanted to choose something that would help in my fitness journey… It (Wakefit mattress) has made a big difference to me because I know that I sleep better and I feel better.
3. SleepyPanda
Company Name
SleepyPanda
Founded In
2020
Founder
Monica Thakur, Suhas Masuti, and Veerendra Koujalagi
Headquarters
Bengaluru, Karnataka
Mattresses by Size
Single, King Single, Double, Queen, King
Best Mattress Company in India – SleepyPanda Mattress
SleepyPanda kickstarted with the simple idea of improving people’s sleeping experience with comfortable and affordable mattress solutions. Their top products include Luna Dual comfort ortho mattresses, Vita ortho memory foam mattresses, microfiber pillows, and memory mattresses. It is in the list of the top 5 best mattress in India
SleepyPanda has developed mattresses that reduce back aches along with an innovative gel technology used in creating memory foam. They also provide free shipping and a 10-year warranty period. SleepyPanda follows the B2C business model and sells products directly between the business and customers.
Pros of SleepyPanda
Eco-friendly materials and sustainable manufacturing practices
Unique design with a blend of natural latex and memory foam
Good motion isolation for couples
Cons of SleepyPanda
Limited availability in some regions, makes it challenging to purchase
May not provide enough support for people with specific back issues
Some users may find the mattress too soft or lacking in edge support
4. Duroflex
Company Name
Duroflex
Founded In
1963
Founder
PC Mathew
Headquarters
Bengaluru, Karnataka
Mattresses by Size
Single-bed, Double-bed, Queen, King
Best Mattress Company in India – Duroflex Mattress
One of the most dominant mattress players in India, Duroflex was started around 50 years back and is still the dominant sleep solution-providing company. The vision of helping India sleep better is still proving to be their prime focus. All the products manufactured by them are carefully researched and backed by technology for better inventions. It is one of the oldest mattress company in India.
Duroflex now is not just constrained to manufacturing mattresses and pillows but has also successfully entered the market of furniture and bed linen. Its products are made available through multiple eCommerce websites as well as through the official site of Duroflex.
Pros of Duroflex
Durable and long-lasting mattresses
Offers various mattress options to cater to different needs
Good customer service and warranty policies
Cons of Duroflex
Some users may find them too firm for their preferences
May not have advanced sleep technologies present in some models
User Testimonial
Did my wholesome research before purchasing it, went to duroflex experience centre and did a physical feel of the product. The layers are perfect making it durable, comfortable and orthopedically recommended.
Best Mattress Brands in India – Sleepyhead Cool Gel Memory Foam Mattress
With a vast variety of memory foam and latex foam mattresses, Sleepyhead is counted among the best and most promising mattress companies in India. From king size to sofa cum bed, you can get everything here.
The company claims to be developing eco-friendly mattresses and has sold over 4.1 lakh products. Sleepyhead is known to have an advanced digital business model whose main focus is selling high-quality products. It is one of the top 10 mattress brands in India.
And by the financial year 2023, the company aims to grow its revenue up to INR 300 crore. They have recently added the furniture and home decor section. Hopefully, in the near future, you’ll find the kitchen, hallway furniture, garden furniture, and many others, turning Sleepyhead into a lifestyle brand.
Pros of Sleepyhead
Variety of mattress options
Advanced sleep technology for enhanced comfort
Good motion isolation and edge support
Cons of Sleepyhead
Some complaints about off-gassing odor
May have limited availability in certain regions
User Testimonial
The mattress provides excellent support and comfort, allowing me to get a good night’s sleep every night. The quality of materials used is evident, and I appreciate the attention to detail in the design.
6. Peps Mattress
Company Name
Peps Mattress
Founded In
2006
Founder
K Madhavan
Headquarters
Bangalore, Karnataka
Mattresses by Size
Single, Twin, Queen, King
Best Mattress Company in India – Peps Zenimo Spring Mattress
Peps Mattress is best known for its spring mattress collection. Many people prefer spring mattresses over foam mattresses, which is why Peps Mattress never disappoints its customers. Here, you’ll find both Bonnell as well as a Pocketed innerspring mattress.
The products of Peps Mattress work great for people who want to have a bit of bounce in their bed rather than sag. Plus, the Bonnell innerspring mattress reduces backaches and gives a peaceful sleep.
Pros of Peps Mattress
Established brand with a wide range of choices
Offers mattresses for various sleep preferences
Decent motion isolation for undisturbed sleep
Cons of Peps Mattress
Inconsistent customer service experience
Some users may find certain models too soft or lacking in support
7. Flo
Company Name
Flo
Founded In
2018
Founder
Dmitry and Yuri Gurski
Headquarters
New Delhi
Mattresses by Size
Single, Double, Queen, King, Custom
Best Mattress Brands in India – Flo Mattress
Flo is known as the fastest-growing D2C business across India which has sold more than 15,000 mattresses in just 18 months. They mainly offer two variants of mattresses – Ergo and Ortho. Ergo stands for the ergonomic variant whose top-most layer is of gel infused memory market.
It is mostly preferred by people 60 years of age and older. And Ortho stands for the Orthopaedic variant which is quite firm, best suited for back problems and extra back support.
The orthopedic mattress is considered the best mattress for back aches in India. Flo offers tons of benefits to their customers, including a 100-night free trial policy. The company is very promising and has truly satisfied its customers.
Pros of Flo Mattress
Advanced cooling technology for hot sleepers
Provides good support and pressure relief
Made with high-quality materials for durability
Cons of Flo Mattress
May not be suitable for those who prefer very firm beds
ome users may find it expensive compared to other brands
User Testimonial
The experience with this mattress is amazing. Comfortable for everyone and best in quality.
8. Sleepwell
Company Name
Sleepwell
Founded In
1971
Founder
Sheela Gautam
Headquarters
Noida, Uttar Pradesh
Mattresses by Size
King, Queen, Single, Double
Best Mattress Company in India – Sleepwell Mattresses
Sleepwell is one of India’s leading and most trusted mattress companies, renowned for its commitment to providing superior sleep solutions. Established in 1971, Sleepwell is a flagship brand of Sheela Foam Limited, which is one of the largest manufacturers of foam and mattress products in Asia. With over four decades of expertise, Sleepwell has become a household name and a symbol of quality and comfort. Sleepwell comprises a broad network of 110 exclusive distributors along with 2750 exclusive retailers all across India.
Pros of Sleepwell
Trusted brand with a long history in the industry
Offers a variety of mattresses for different sleep needs
Availability in various offline and online stores
Cons of Sleepwell
Reports of sagging and durability issues over time
May not have advanced features compared to some competitors
User Testimonial
Supremely comfortable and supportive.
9. Kurl-on
Company Name
Kurlon
Founded In
1962
Founder
Ramesh Pai
Headquarters
Bangalore, Karnataka
Mattresses by Size
Single, Double, Queen, King
Best Mattress Brands in India – Kurl-on Mattresses
Kurl-on is a well-established and prominent mattress brand in India, renowned for its rich history and commitment to providing comfortable and high-quality sleep solutions. Founded in 1962, Kurl-on is one of the oldest and most trusted mattress manufacturers in the country, with a legacy spanning over six decades.
If you’re on the hunt for the finest coir mattresses in India, Kurl-on emerges as the ideal choice. Coir mattresses are filled with natural coconut husk and boast excellent cooling properties for the summer season.
Pros of Kurlon
Extensive distribution network for easy accessibility
Offers mattresses with different firmness options
Good customer service and warranty policies
Cons of Kurlon
Some users find their mattresses too soft
Reports of off-gassing odor upon unboxing
User Testimonial
One of the best sleeps I ever had after a long time is only with the new Kurlon Spinekare mattresses. Absolute comfort makes sure you wake up refreshed.
10. The Sleep Company
Company Name
The Sleep Company
Founded In
2019
Founder
Priyanka Salot and Harshil Salot
Headquarters
Mumbai, Maharashtra
Mattresses by Size
Diwan, Queen, King, Single
Best Mattress Companies in India – The Sleep Company
The Sleep Company has earned widespread recognition as the exclusive seller of grid-based mattresses in the market. With a strong presence in 35 cities across India, it has successfully generated half of its total revenue from this wide distribution network. In the year 2022 alone, the company achieved an impressive milestone, reaching a total revenue of $1.34 billion.
Expanding beyond mattresses, The Sleep Company now offers a diversified product portfolio, including seat cushions, back cushions, and adjustable pillows. And that’s not all; in the coming years, the startup is set to introduce innovative product sections, such as vehicle seats, chairs, and gaming chairs, further enhancing its offerings to cater to diverse comfort needs. With continuous innovation and expansion, The Sleep Company is carving its path as a trailblazer in the sleep and comfort industry.
Global Mattress Market
Pros of The Sleep Company
High-quality materials and advanced sleep technology
Provides good support and pressure relief
Offers advanced cooling features for better sleep
Cons of The Sleep Company
Premium pricing compared to other brands
Limited availability in certain regions
User Testimonial
Ortho Pro gives firm support and is very comfortable.
Best Mattress Companies in India – Centuary Mattress
Centuary Mattress is a leading Indian mattress company known for its commitment to providing quality sleep solutions. Established in 1988, the company has grown to become one of India’s most trusted mattress brands. Centuary offers a diverse range of mattresses, including memory foam, coir, latex, orthopedic, and spring mattresses, catering to various sleep preferences and requirements. With a focus on innovation and technology, Centuary ensures that its products are crafted using the finest materials and advanced manufacturing processes.
Pros of Centuary Mattress
Offers a wide variety of mattress types
Uses high-quality materials and advanced manufacturing processes for durability
Provides good support and comfort for a restful sleep experience
Known for its reputation and trustworthiness
Cons of Centuary Mattress
Some premium models may be relatively expensive
May not offer a very long trial period
Some mattresses may be relatively heavy, making them harder to move or rotate
User Testimonial
It’s good and comfortable, fit and very easy to handle and it is heat retention well. Cotton also very qualified. Good sleep quality.
Springtek
Company Name
Springtek Mattress
Founded In
2009
Founder
Namit Goel
Headquarters
Bareily
Mattresses by Size
Single, Double, Queen, King, Kids
Best Mattress Brands in India – Springtek Mattress
The Springtek Mattress blends classic spring support with advanced foam comfort for a balanced, hybrid sleep experience. Its innerspring core delivers responsive support, while the foam layer cushions the body and minimizes motion transfer. A breathable fabric cover promotes airflow, helping maintain a cool and restful sleep. Perfect for those who enjoy the bounce of a spring mattress but crave the softness of foam, the Springtek Mattress offers both long-lasting durability and adaptable comfort.
Pros of Springtek Mattress
Combines spring support with foam comfort
Good bounce and responsiveness
Reduces motion transfer
Breathable fabric keeps it cool
Durable and long-lasting
Cons of Springtek Mattress
May feel too firm for some users
Edges may sag over time
Not ideal for those preferring pure memory foam
User Testimonial
The matress is value for money. It holds the shape and contour of the body pretty well as you lie down on it. It is neither too hard and neither too soft and helps to relax and get into sleep quickly. The fitting is very good and the support is also good.
Conclusion
In summary, having a good and comfortable mattress holds great importance in your bedroom. It not only impacts the quality of your sleep but also plays a vital role in your overall mental and physical well-being.
Fortunately, in today’s market, numerous brands offer mattresses that incorporate advanced technology and essential elements, designed to optimize your sleeping experience. From Sleepyhead to The Sleep Company, these top mattress startups in India present a diverse range of options to choose from.
Take the time to explore these brands and discover the mattress that best suits your unique sleep needs. Investing in a quality mattress is an investment in your health and vitality, ensuring you wake up refreshed and ready to embrace each day to the fullest.
FAQs
What are some of the top mattress brands in India?
The article showcases various top mattress startups in India, including Sunday, Wakefit, SleepyPanda, Duroflex, Sleepyhead, Peps Mattress, Flo, Sleepwell, Kurlon, Centuary and Sleepsia.
What types of mattresses do these brands offer?
These brands offer a wide range of mattresses, including memory foam mattresses, coir mattresses, spring mattresses, latex mattresses, and more, catering to different sleep preferences.
Is Sleepwell an Indian company?
Yes, Sleepwell is an Indian company.
Why is Wakefit products are cheap?
Wakefit offers competitive pricing for its mattresses due to its direct-to-consumer (D2C) business model, cutting out middlemen and reducing overhead costs. Additionally, their in-house manufacturing and online sales further contribute to affordability.
Is foam mattresses good for health?
Foam mattresses can be good for health as they provide excellent support, pressure relief, and can promote better spinal alignment during sleep. However, individual preferences and specific health conditions should be considered when choosing a mattress.
How to choose a perfect mattress?
To choose a perfect mattress, consider factors such as your preferred sleep position, firmness level, material type, and any specific health needs or conditions you may have. Test mattresses in-store if possible, and read customer reviews to make an informed decision.
Why should I consider buying a branded mattress?
Consider buying a branded mattress for assured quality, comfort, and durability. Established mattress brands have a proven track record of customer satisfaction, premium materials, and innovative designs. They offer warranties and customer support, ensuring a sound investment in your sleep health and long-term satisfaction.
Who are Sleepwell competitors?
Springtek, Wakefit, Duroflex are the top competitors of Sleepwell.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Wakefit.
Sound sleep can work wonders for one’s body and mind. It can help you improve immunity, increase concentration, stay in shape, and look younger. Fascinating, isn’t it? However, not all are lucky enough to fall asleep in a jiffy. A worldwide survey that ranked sleep patterns revealed that the Indians fall under the most sleep-deprived segment. Wakefit was established to tackle this issue and eliminate the menace of sleep deprivation once and for all.
Wakefit is a Bengaluru-based startup, which operates with the objective of bringing sleep into Indians’ consciousness and helping them take steps to improve their sleep health through a wide range of sleep-efficient products. A fully owned subsidiary of Wakefit innovations pvt ltd Bangalore, Wakefit commands a market share of 35-40%.
Keep on reading to find out more about Wakefit’s Startup Story, Founders and Team, Name, Tagline, Logo, Wakefit Challenges, Revenue, Acquisitions, Awards and Achievements, Competitors, Funding and Wakefit Investors, and more.
Wakefit was launched in March 2016 in Bangalore as a sleep solutions startup with an aim to revolutionize the quality of sleep among Indians. The Wakefit team believes that quality sleep is a basic need and not a luxury; this mantra motivates the team to focus on innovation in product development, efficiency in processes, cost optimization, and excellence in customer experience. Besides, Wakefit’s superior quality products are also found really efficient and more affordable than its competitors.
Wakefit Advertisement
Wakefit currently has four variants of its core product, which can be summed up as:
Orthopedic Memory Foam Mattress
Dual Comfort Mattress
Foam Spring Mattress
7-Zone Wakefit Latex Mattress
Wakefit had initially started with “Orthopedic Memory Foam” and “Dual Comfort” variants of its mattresses and eventually rolled out the other 2 as well. The company wants to keep things simple, and therefore, it delineates its Wake fit mattress into 4 easy-to-remember categories. Talking about the same, Wakefit founder Chaitanya Ramalingegowda said that this choice has been made to avoid decision fatigue.
With the plethora of decisions a person has to make in a single day, we want to simplify consumer’s life by helping them make at least one less decision.
In line with this philosophy, the firm saw the transition from a mattress firm to a sleep solutions company, where it decided to launch bed frames, pillows, back pillows, and mattress protectors. To complete the sleep portfolio, the firm further decided to launch a maternity pillow, a nursing pillow, a pet bed, and a baby bed by the end of 2020.
In its current capacity, Wakefit is able to produce more than 500 mattresses a day and ships around 7500-9000 mattresses in a month. The machinery is imported from Europe and the Middle East so as to ensure world-class quality in terms of consistency and chemicals used. Manufacturing is done in Bengaluru, and quality checks take place in Europe. Wakefit is certified under the Certi-PUR process (for foam). The chemicals used are certified by Greenguard, an environmental institute that aims to reduce human exposure to pollutants. Wakefit invests its profits into German manufacturing equipment which in turn guarantees high efficiency and low costs.
Wakefit.co, the website hosted by Wakefit, conducted a survey and it was found that in India, 48% of people complained of back problems. Furthermore, 80% of Indians reportedly feel sleepy at work once every three days a week. To solve the increasing number of sleep-related problems, Wakefit included many innovative features while designing its products. Wakefit claims that its mattresses are made of proprietary “open-cell structures” for cool summers and that its high-density foam gives complimentary support. Body contour is another factor the company has focused on. Wakefit claims that its mattresses’ memory foam provides pressure relief.
Since immigrant millennials in metro cities may prefer renting, Wakefit has tied up with online furniture and home appliances rental platform Rentomojo to provide mattresses along with the latter’s beds. Wakefit is also in talks with more players in the B2B space.
The company now delivers products all over India. Wakefit sells products online through its website and e-retailers such as Amazon, Flipkart, and Pepperfry. It currently ships around 300 mattresses a day but the numbers do go up to 800 during the sale periods. Around 75% of its sales are from the top 8 metros and the rest are from the tier-2 and tier-3 towns.
The Indian mattress industry is a growing market, estimated at USD 2.31 billion in 2025 and expected to reach USD 3.48 billion by 2030, with a CAGR of 8.54%. While a few brands have been operating in the space, it is largely dominated by unorganized players. The overall market has seen very little innovation in the past few decades. With the entry of new-age players, the mattress market is seeing a revolution, with products designed and customized to suit customer needs and comfort.
As per internal estimates, Wakefit.co owns 2-3% of the overall mattress marketbut with respect to the online sleep solutions space, it commands a market share of almost 35-40%. As sleep health becomes a pertinent topic among wellness and health circles and as people start understanding the role of sleep in one’s life, the market is pegged to grow at a rapid pace and the team at Wakefit is confident of making India sleep better every day.
Wakefit – Founders
Ankit Garg and Chaitanya Ramalingegowda are the founders of Wakefit.
Ankit Garg and Chaitanya Ramalingegowda – Founders, Wakefit
Ankit Garg
Ankit Garg is the Director and Founder atWakefit. He is a Chemical Engineer from IIT-Roorkee. He was featured in the Forbes 30 under 30 Young Entrepreneurs list of 2019. Ankit worked as a management trainee at Bayer Material Science for 4 years before starting up with Wakefit.
Chaitanya Ramalingegowda
Chaitanya Ramalingegowda is the co-founder of Wakefit. He has done an MBA from ISB, after obtaining a BE in Computer Science, and has been working closely with startups since 2012. Chaitanya has experience serving as a VP, Investor Relations, Director, and Business mentor in 4 different companies – YourStory, LetsVenture, PurpleGull Services, and Neotec Hub, before he joined Ankit to found Wakefit.
The growth that Wakefit has achieved can be attributed to the vision held by the two founders and a committed team of more than 250 employees who work tirelessly to ensure that people don’t compromise with their sleep.
Wakefit – Startup Story | How Wakefit Began
The motivation to start up was born out of Ankit Garg’s personal experience of buying a mattress. He comes from a strong ‘foaming’ background, having worked with a German multinational in the space. This gave him a detailed understanding of the raw materials that went into a mattress and the cost at which these materials were bought and sold. When he experienced the journey of buying a mattress through the traditional business model, he realized that there was no innovation in the product that was being sold; it was highly overpriced and the sales representatives of retail stores had no knowledge of the science of sleep. This sparked the drive to change the way Indians accessed sleep products in the country.
One day over a cup of coffee, Ankit and Chaitanya Ramalingegowda decided the time was ripe to revolutionize sleep and make good-quality sleep products accessible to larger masses in the country by bringing in a range of efficiencies in the business model. The growing popularity of D2C brands fueled the idea to start an online model where products were manufactured at a centrally located plant and shipped directly to customer households.
Before launching Wakefit officially, Ankit bought a few hundred mattresses and sold them on Amazon in 2015 to understand the unit economics. He made a profit of INR 60 lakh in this trial period.
Wakefit Memory Foam Mattress – Relieve Body Pain
Wakefit – Mission and Vision
Wakefit’s vision is “to democratize sleep for one and all with premium quality sleep products at affordable pricing.”
As an online mattress, bedding, online furniture, and furnishing company, Wakefit believes that it can educate the customers that this category too can be purchased online.
Wakefit – Name, Tagline, and Logo
Wakefit Logo
Wakefit works with the vision to improve the sleep health of individuals. Its scientifically-designed mattress makes the users feel well-rested and allows them to wake up feeling active and fit; hence, the name ‘Wakefit’.
The logo of the brand is colored in bright blue and orange tints, symbolizing energy and vitality. The letter “K” in the logo is ingeniously represented by a person who is fit and hence, jumping for joy!
Wakefit has opted for the tagline, “The more you know, the better you sleep” as per the brand’s videos.
Wakefit – Business Model and Revenue Model
Wakefit follows a D2C business model so as to rationalize costs. The company operates in the e-commerce space and all the products are listed on its website as well as on Amazon, Flipkart, and PepperFry. Wakefit delivers to more than 19,000 pin codes in India through these channels. With 3x growth in revenue since inception, Wakefit has also maintained profitability since 2016.
The flagship product, Orthopedic Memory Foam Mattress, starts at INR 7499, the Dual Comfort Mattress starts at INR 6399, whereas the 7-Zone Latex Mattress and the Foam Spring Mattress are priced INR 9299 and INR 10,984 onwards. The product portfolio of the brand also includes pillows, bed frames, comforters, bedding accessories, Wakefit furniture for the living room, dining room, study, home and garden, kids, and more.
“We want to democratize sleep and for that it is important to ensure affordability. To reduce manual labor and increase efficiency, we are using vertical cutting and compression machines. Our customer acquisition cost is Rs 800-900, and our average ticket size is Rs 11,000, so there is no cash burn,” says Ankit.
Since no middlemen are involved, Wakefit is able to provide prices that are 50% lesser than its competitors. The Wakefit mattress price starts from INR 5,000 onwards, which goes up to over INR 26,000.
Wakefit – Financials
Wakefit Financial
FY23
FY24
Operating Revenue
INR 812.6 crore
INR 986.4 crore
Total Expenses
INR 965.7crore
INR 103.24 crore
Profit/Loss
INR -145.68 crore
INR -15 crore
Wakefit Financials
Expense
The firm’s total expenses rose by 6.9% to INR 1,032.4 crore in FY24.
EBITDA
Wakefit managed to decline its losses by 90% to Rs 15 crore from INR 145 crore in FY23. Despite losses, the Bengaluru-based company achieved positive EBITDA at INR 65.9 crore in FY24. Its ROCE and EBITDA margins improved to 0.29% and 6.48%, respectively.
On a unit basis, Wakefit spent INR 1.05 to earn a rupee of operating revenue in FY24. Its current assets grew significantly to INR 574 crore, while its cash and bank balances were recorded at INR 17.21 crore in FY24.
Ankit and Chaitanya undertook the deliveries themselves for the first 100 customers to closely understand the customer behavior, attitudes, and pain points.
“Internet adopters were our first users. We visited homes for our first 100 deliveries, and did video interviews for feedback.”
Ankit shares that those experiences taught them how to improve their product in terms of longevity, aesthetics, packaging, thickness (soft/medium/hard), and helped them understand customer pain points better. The direct feedback received from the customers aided a lot in the development of the core offerings that Wakefit provides today.
Experts opine that the comfort and adaptability of a mattress can only be judged by an individual once he or she sleeps on it and experiences it for at least 14 days. A cursory visit to the store cannot give an indication of the quality. That is why Wake fit provides a 100 day free trial with 100% return policy. This Wakefit return policy also helped build confidence among customers in the online mode of purchase. The insights enabled Wakefit to model its organizational structure such that the customer pain points are adequately addressed right from the product development stage till the post-sale customer experience stage.
Wakefit.co has built a community of over 4 lakh customers and has garnered more than 12,000 positive reviews online that have propelled the business forward. The company never spent heavily on advertisements. Word-of-mouth marketing has been the most potent tool that has helped the Wakefit team build the business in a steady and sustainable manner. The firm also does a lot of online content marketing on the importance of sound sleep and health.
Wakefit – Startup Challenges
The major challenge in the mattress industry is the lack of awareness among the general public about choosing the right kind of mattresses and prioritizing sleep wellness. Wakefit is committed to bridging this gap by sharing trustworthy, first-hand information about choosing the right kind of mattress as well as building knowledge around the science of sleep.
Another challenge is making the most of the consumers’ need to touch and feel the mattress. The Wakefit team believes that the right kind of mattress cannot be chosen merely by means of ‘touch-and-feel’. So, the company offers a 100-day free trial policy which allows customers to test the Wakefit mattresses for themselves in the privacy of their homes and gauge whether it is the right choice for them.
One of the initial challenges that the Wakefit founders faced was to take care of everything by themselves.
“Taking care of everything ourselves was hard, as was finding the right people at the right time. We found the team through referrals and LinkedIn,” said one of the co-founders fo Wakefit.
Wakefit has raised a total of $148.04 million across 5 funding rounds since 2014. Their most recent funding round was on January 13, 2023. The Funding details are as follows:
Date
Amount
Series
Investors
January 13, 2023
$39 mn
Series D
Investcorp
December 6, 2022
$45 mn
Venture Round
Investcorp
November 11, 2021
$28 mn
Series C
SIG, Sequoia Capital India and Verlinvest
December 15, 2020
$25.50 mn
Series B
Verlinvest, Sequoia Capital
December 11, 2018
$8.72 mn
Series A
Sequoia Capital
Wakefit – Awards and Achievements
Won the Startup of the Year award at the Small Business Awards 2019, conducted in collaboration with Economic Times & Entrepreneur magazine.
Won the Business Today Coolest startup 2018 award.
Won ‘Startup of the Year – Home and Lifestyle’ award at India Retail and eRetail Congress 2019.
Won Amazon Aces Gold as Bestsellers in 2019.
Won Best Customer Service Award in 2019 at an Award ceremony organized by Entrepreneur India Magazine.
Nominated for SABRE awards for its innovative ‘One India One Wakefit’ campaign
Wakefit – Acquisitions
Although mergers and acquisitions are common in the e-commerce segment, Wakefit wants to continue as an independent entity and has not acquired any companies till now.
Duroflex, all of which entered the industry in the last few years.
Wakefit competition is always raging from startups, unorganized players, and biggies like:
Kurl-On
Sleepwell
Wakefit – Future Plans
Wakefit plans to focus on expanding its product categories, omnichannel presence, and brand building to drive double-digit growth. They are also aiming to increase their presence in Tier II and III cities through store expansion, targeting 130 new stores by the end of FY25, 40% of which will be in Tier II towns. Wakefit also aims to increase their offerings in decor and furnishing, seeing it as a significant growth area.
A company with ISO 9001:2015 certification, Wakefit sells high-quality single, double, king, queen, and latex mattresses online. To make sure that its consumers are comfortable with its mattresses before making a purchase, the brand offers a special 100-day risk-free trial. Additionally, it provides a 20-year product warranty. Additionally, Wakefit produces mattresses in bespoke sizes to meet consumers’ needs. It is a well-run business with individuals from a variety of backgrounds who have joined forces to conduct an in-depth study and provide you with the advantages of a good night’s sleep.
About Wakefit
Established in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit is a well-known Indian sleep and home solutions company that prioritizes offering premium and reasonably priced goods to improve its clients’ general well-being. Wakefit, a company that specializes in mattresses, pillows, and furniture, creates items that support a comfortable and healthy lifestyle by fusing ergonomic elements with creative design. The business has become well-known for its dedication to providing excellent sleep experiences, open pricing, and a customer-centric philosophy.
Wakefit’s business model is based on a direct-to-consumer (DTC) strategy. Wakefit produces its goods in-house while upholding stringent cost and quality control. Through its online platform, the business mattresses, pillows, and furniture directly to consumers, cutting down on distribution expenses and guaranteeing affordability. However, the brand also has a strong presence in various retail stores across the country as well as on several marketplaces. Sales of Wakefit’s sleep and home solutions products, with an emphasis on providing a variety of options to suit various consumer tastes and needs, are the company’s main source of income. The brand’s success in the Indian market can be attributed to its focus on customer pleasure and its 100-night risk-free mattress trial.
How Does Wakefit Make Money | Wakefit Revenue Model
With an emphasis on growing its product line and omnichannel presence, Wakefit’s revenue approach combines retail locations and online marketplaces.
Generating Revenue Through Retail Stores and Marketplaces: About 30% of Wakefit’s revenue comes from its retail locations, and another 20% to 30% comes via marketplaces.
Generating Revenue Through Sleep Products: Wakefit’s original focus was on mattresses, pillows, and bed frames, which still account for a significant amount of their sales.
Generating Revenue Through Furniture: Wakefit has added study tables, bookshelves, dining sets, wardrobes, and sofas to its list of products, and currently, they are doing pretty well in the market.
Generating Revenue Through Home Improvement Products: Through its retail locations, online shops, and other marketplaces, Wakefit also offers a wide range of home improvement products.
Wakefit Financials
Wakefit’s financial performance improved significantly from FY22 to FY23. Operating revenue grew from INR 633 crore to INR 813 crore, while total expenses increased from INR 744 crore to INR 966 crore, resulting in a larger loss of INR 146 crore in FY23 compared to INR 107 crore in FY22.
USP of Wakefit
Wakefit’s unique selling point is that its products are created following in-depth customer feedback and interviews. Wakefit has developed a memory foam mattress that fits all body types thanks to extensive research. Pressure distribution, weight distribution, foam testing, and stress testing are the engineering parameters used to create the product.
The core of Wakefit’s business strategy is direct-to-consumer (DTC) marketing. Wakefit eliminates the intermediaries by selling directly through its web platform, which lowers traditional retail markups and distribution expenses.
Wakefit’s dedication to cost-effectiveness is clear. The average Wakefit mattress costs about 30% less than comparable products from conventional retail channels, per the company’s internal data.
From the acquisition of raw materials to the manufacturing process, Wakefit guarantees stringent quality control.
The goal of Wakefit’s creative designs and ergonomic features is to deliver the greatest possible sleep experience.
Wakefit Weaknesses
The DTC market presents Wakefit with a number of difficulties, including scaling problems.
Although there were a respectable amount of visitors to Wakefit’s website, the conversion rate was poor.
If Wakefit posted its items on e-commerce sites like Amazon and Flipkart, it would be required to pay a commission of 24%.
Wakefit Opportunities
The IMARC Group analysis projects that the Indian mattress industry will rise to INR 25,500 Crore by 2026, therefore the company is well-positioned to benefit from this anticipated expansion.
People have become more health-conscious in the wake of the pandemic, which presents an opportunity for Wakefit to further expand its business in this sector.
Additionally, Wakefit can offer tailored solutions for older individuals, pregnant women, and allergy patients.
Wakefit Threats
Wakefit opened experience centers in a few places, but there wasn’t much traffic.
There will be more rivalry in the future because so many new businesses are entering this market.
Furthermore, if a company wants to be a leader in this field, it must continuously test and launch new goods because technology is always changing.
Wakefit’s transformation from a startup to a market disruptor provides priceless insights into customer-centricity, creativity, and strategic thinking. They have revolutionized the Indian sleep and home solutions market by delivering unmatched value thanks to their direct-to-consumer business model, dedication to quality, and strategic collaborations. Wakefit is a living example of the strength of vision, strategy, and steadfast dedication as they innovate and grow. Ankit Garg and Chaitanya Ramalingegowda are influential voices in the rapidly growing consumer products industry because of their work in this area. In addition to offering goods, Wakefit has spearheaded a sleep revolution, making sure that everyone has access to good sleep, which is now a need rather than a luxury.
FAQs
What is Wakefit?
Wakefit is a sleep solutions startup that offers comfortable mattresses and other related products such as pillows and comforters.
Who are the founders of Wakefit?
Wakefit was founded by Ankit Garg and Chaitanya Ramalingegowda.
What is Wakefit business model?
Wakefit’s business model focuses on providing affordable, high-quality home furniture and sleep products directly to customers online. They manufacture and sell products like mattresses, bed frames, pillows, and other sleep essentials, as well as furniture such as sofas and study tables. Their key selling point is offering value through a direct-to-consumer approach, cutting out middlemen.
How does Wakefit make money?
Wakefit makes money by selling home furniture and mattresses. They offer a range of products like beds, sofas, and mattresses, primarily through their online platform. They also have offline stores in some locations. They make money through the sales of these products.
Marketing is the heart of a brand. If it doesn’t work properly, then the brand is as good as dead. Companies and brands often look for new ways to attract the attention of the people who can be their potential customers. Creative techniques of marketing are used to obtain the exact attention from the public. Whether, its about launching new product and services or opening a new branch of the brand or just general marketing, brands elevates new ways to market.
Now, in this digital world, where we live in, competition is higher than ever. So brands are being cautious and more creative to involve people and make their brand noticed. There are different types of marketing techniques that brands follow, especially while launching their new branch. It is naturally done to make people aware and attract them. In this article, we will talk about IKEA and how it creates a big buzz while launching its store in Bangalore, which is the biggest store in India. So, without any further ado, let’s get started.
IKEA is a multinational conglomerate that deals with home furnishing products. The headquarters of the company is situated in Delft, Netherlands. It was founded in the year 1943 by Ingvar Kamprad. The Swedish company is famous for designer home decor like kitchen appliances and other furniture that can be assembled on your own. IKEA is considered the world’s most famous and successful company. All the interior design items that IKEA sells are eco-friendly plus the prices of the products are low as well. As of now, IKEA has 467 stores in 63 countries and serves its people with its modernized and ready-to-assemble furniture.
How Does IKEA Promote Their Store Launch in Bangalore?
The Swedish furniture brand has India covered by having two physical stores in Mumbai and Hyderabad. IKEA opened their biggest store in India in Bangalore. The store is said to be covered in 500,000 sq. ft. and it is said that it will be attracting over 7 million visitors every year, with its low pricing and marketing strategy. Now, the brand has done many marketing schemes to make people aware of the launch of its store. IKEA took the help of drones and hosted a show in Karnataka to invite people to visit their newly formed store. The company used over 520 drones that light up the sky. Apart from that, in different landmarks of the city, the brand created a room set-up that consists of modern-looking home products to showcase it in front of the people of the city.
The Marketing Trend With Funny Banters
Now, we have seen brand engaging with each other in funny banters and using sarcastic comments to rile them up. Some of the brands actually did the same thing with IKEA, during the launch of their Bangalore store. They made funny remarks, challenge IKEA, and promote their own brands in a shady way. The trend was started and still is ongoing. The banter was started by Wakefit and many different brands jump into this trend.
Wakefit
Wakefit
Wakefit is a company that is famous for providing mattresses, pillows, mattress covers and bed frames. Apart from that, the company also deals with furniture products for home decor and appliances. It has released few sarcastic advertisements to taunt IKEA. In the marketing campaign, Wakefit in an open letter gives out a snarky welcome and said how tasty Dosas could be found in CTR and the weather is amazing. It also points out many of its supposed flaws like how IKEA is located on the outskirts of the city. Apart from that it also stated that the audience might face traffic issues as well. They challenge the Swedish company by mentioning that they should visit Wakefit if they Are looking for the best furniture. Not only that, but they have also used Swedish on the front page of the newspaper for their print ad to taunt IKEA. The company still hasn’t responded to this banter.
DrinkPrime
DrinkPrime
DrinkPrime, which is a water purification company that provides water Purifiers from Bangalore, also took part in this trend by posting a digital poster on LinkedIn and using the work ‘KEA’. In this post, they asked their audience if they have visited IKEA? After their visit, if they are tired? Did they have water after that? These questions were ended by ‘KEA’. Basically, in the post, they tried to promote their water purifier brand while using IKEA.
CoWrks
CoWrks
CoWrks is a company that provides co-working space design in offices and makes it feel like home. The company built spaces for all kinds of startups and businesses. The company welcomed IKEA in Bengaluru in their own style by posting a digital poster on LinkedIn that says “Collaborative Spaces + Brilliant Interiors = A Brilliant IKEA”
How Does the Trend Help IKEA?
Many brands got involved in this trend and tries to welcome IKEA in Bangalore, mainly they participated in this trend, to promote themselves. However, this trend helped IKEA make its presence known in front of people. As the brands took turns to welcome or snide remarks, many people got aware of the biggest IKEA store in the country and showed interest in checking it out. This way, the companies not only promote themselves but also promoted IKEA. One of IKEA’s loyal customers also gave a reply to Wakefit’s snide remark and called the brand ‘Fakefit’ and wrote an open letter just like the former.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by SleepyPanda.
With the advent of young Indian players and big brands in the Indian Mattress industry, many customers have switched from traditional street-side shops and local ‘Bhaiyas’ to branded mattresses. It is undeniable that the organized sector is multiplying in India with rising demand for good quality mattresses by customers. One of the startups in this industry, SleepyPanda is here with its innovatively designed mattresses.
Founded by Ms. Monica Thakur, Mr. Suhas Masuti, and Mr. Veerendra Koujalagi, SleepyPanda is gearing to disrupt the bedding industry! Since its inception, SleepyPanda has been growing immensely, with 35 mattresses sold in the first week itself. The company targets to sell at least 1200 mattresses per month and secure 100 Cr sales by the end of FY21.
StartupTalky interviewed Ms. Monica Thakur, Founder & J.MD of SleepyPanda to get insights into the Startup Journey and Growth Story of SleepyPanda. Know all about SleepyPanda’s products, How SleepyPanda started, its history, future plans, founder, competitors & more in the article ahead.
SleepyPanda deals with the mattress and provides comfort at an affordable price. SleepyPanda kicked off in 2020 with a simple idea to improve peoples’ well-being through comfy sleep experiences.
The long-term vision of SleepyPanda – To get into the furniture business as well.
The short-term vision is to get the change in sleeping style from using traditional to modern mattresses.
The Core Belief of SleepyPanda – “People should get this Quality and comfort across pan India”
SleepyPanda – Mattress/Bedding Industry Details
SleepyPanda Industry -The bedding industry
Target market size- Age group 20 to 60 years pan India
Future Prospects of SleepyPanda in the next five years – In Top 5 best mattress brand
The memory foam bedding market is gearing for growth of more than INR 300 crore by 2022. Given the current scenario, memory foam is touted as an ‘In’ thing. Body pain and aches are appearing to be driving up the demand for memory foam. Who would have thought that our key working hours and day will be spent working on the bed? Sleep has never been more critical – and challenging – during periods of stress, fatigue, and untimely routines. Changing lifestyle and working patterns —are leading to create this new market for the startups. The bedding industry and mattresses as a category have welcome news for this industry.
The wave of technology has revolutionized the sleep industry. With huge expertise in coir, cotton, and foam, the unorganized sector has a significant role in the Indian mattress industry. The Indian mattress market is expected to grow at a CAGR of 10 percent and is on route to attain a USD 2.5 Bn mark by the year 2022.
Reminiscing the start journey of SleepyPanda, Monica Thakur (Founder of SleepyPanda) says –
“We got into the mattress business because I didn’t like the people who do not believe in Modern mattresses. As with thought, my mother and other family members too were facing back pain issues due to traditional mattresses, thus there comes thought for purchasing a modern mattress and to experience the WOW feeling!
When I went with my mother to shop for a new mattress. This idea of having a business in the bedding industry came to my mind. We were still sleeping on the mattress that we had purchased 7 years back after shifting to a new house. I wanted to continue with the same but the issue is not 1 or 2 they were many hence we decided to get a new mattress. I personally felt I should not repeat the same mistake that we have done 7 years ago. So was hunting for a good mattress to solve the issue of my family because, Good sleep=Happy Family.
After experiencing the buying process, I felt, nothing had changed, and we were depressed. The stores were dull and unfriendly, the salespeople pushy, and showed 2 to 3 varieties of the mattress. Also, we felt awkward to have a trial at a store in front of people and were uncomfortable too.
The sales and prices were different in every store, so it was impossible to compare the shops, and I later learned that this is actually a confusing state for us. We came back with an empty hand and my mind full of business ideas with the bedding industry. Which would not just build a better mattress, it would totally change the mattress buying experience.
When I did not find my wow feeling I decided to give this to all the people across Pan India with just a single click. This idea of having a bedding industry came to my mind with the behind the scene story which was matching with other business partners too and we decided to get a life for Sleepypanda comforts Pvt Ltd. Through various google research, we found that comfortable sleep requirement is never-ending demand. Hence we started with this”
SleepyPanda – Products/Services
Sleepypanda Comforts Private Limited is the manufacturer and wholesaler of Vita Ortho Memory Foam Mattress, Mattress Protector, vita Ortho and Luna dual comfort Ortho mattresses, natural yoga mats (Samba, Darba, Banana), Sofa cum bed, memory foam, and microfiber pillows.
USP and How the Product Works
SleepyPanda helps you to get rid of sleepless nights. Its Vita Ortho memory mattress helps to get relief in Backache, Cool gel technology used in memory foam helps to maintain the body temperature as per the room temperature, 100 night trial period – if the customer doesn’t like the product then they can return it with full refund assured.
Indian consumers are still unaware of the necessity of a modern bedding space in today’s hectic and chaotic lifestyle. As a result, they continue to use traditional products, which not only fail to guarantee quality but are also highly overpriced. SleepyPanda endeavors to change this perception. The brand also provides 100-night trials of ortho mattresses so that consumers can make experience-based decisions after using them firsthand. Other added benefits include free shipping and a whopping 10-year warranty.
Monica Thakur, Suhas Masuti, and Veerendra Koujalagi are the founding team of SleepyPanda.
“We are Mutual friends and one day I informed them of the idea behind good sleep and everyone showed interest to start this brand” Monica added.
Stressing on SleepyPanda’s Work culture, Monica says – It is flexible. Employees are encouraged to work when they like and how they like it’s just that the work should be effective and completed in time.
SleepyPanda – Name Meaning and Logo
The significance of the name SleepyPanda – As pandas live half of their life in resting, enjoying, and sleeping, Panda was incorporated in the name and logo. The team wants users of its mattress to experience the same sleep as a panda with no worries.
SleepyPanda Logo
SleepyPanda – Growth
Since its inception, SleepyPanda has been growing immensely, with 35 mattresses sold in the first week itself. The company targets to sell at least 1200 mattresses per month and secure 100 Cr sales by the end of FY21. Although the brand is present in PAN-India, it majorly aims to cater to the South India market, including Bangalore, Tamil Nadu, Hyderabad, Telangana, Kerala, followed by Mumbai and Goa.
Further, it looks forward to becoming a thought leader in the modern bedding space by crafting high-quality products to address all consumer concerns, while also giving back to society through various CSR initiatives, and thus making a difference in the world, globally.
SleepyPanda – Business Model and Revenue Model
SleepyPanda’s business model is simple, B2C i.e, Business to Consumers. It is the process of selling products and services directly between a business and consumers. SleepyPanda makes money by selling its products online.
SleepyPanda Revenue Model
SleepyPanda – Competitors
SleepyPanda’s top competitors are Wakefit, Sleepycat, Emma, flo Mattress, and Duroflex.
Few tools which SleepyPanda uses to run the startup – Google Analyticshelps SleepyPanda to track the traffic on its website and Freshdeskfor CRM ticketing tool.
SleepyPanda – Future Plans
SleepyPanda plans to add new technology depending upon the demand and requirement. “Once the bedding industry is set we will get into home furniture.” says Monica Thakur, Founder of SleepyPanda.
SleepyPanda – FAQs
What is SleepyPanda?
SleepyPanda deals with the mattress and provides comfort at an affordable price.
Who are the founders of SleepyPanda?
Monica Thakur, Suhas Masuti, and Veerendra Koujalagi are the founding team of SleepyPanda.
Is SleepyPanda an Indian Company?
Yes, SleepyPanda is an Indian company headquartered in Bangalore.
How SleepyPanda makes money?
SleepyPanda’s business model is simple, B2C i.e, Business to Consumers. it makes money by selling products online. Its products include – Vita Ortho Memory Foam Mattress, Mattress Protector, Microfibre Pillows, etc.,
Sleep is important to have a healthy life. Nowadays, people have cut down their sleep due to the excess use of smartphones. This has been a major concern for people of all ages. The wise ones are the ones who are aware of this and have tried to cut down the excess use of screen time.
One of them is Ankit Garg, the founder of Wakefit. Wakefit is a mattress manufacturing company that provides sleep solutions startup that offers comfortable mattresses and other related products such as pillows and comforters.
In this article we have tried to give a detailed case study on Wakefit. Read on the full article to know more about the Wakefit story.
Wakefit is a Bengaluru-based startup which operates with an overall objective of bringing sleep into Indians’ consciousness and helps them take steps to improve their sleep health through effective products.
Wakefit offers innovative sleep solutions along with other sleep-related products such as pillows, bed frames, neck pillows, back cushions, and comforters. On the way to becoming India’s number one sleep destination, Wakefit is promoting a healthy sleep culture and transforming the sleeping habits of millions of people.
History of Wakefit
Wakefit was founded by Ankit Garg and Chaitanya Ramalingegowda in 2016. Being a chemical engineer graduate, Ankit started his research on the mattress business while working at Bengaluru-based startup Tapzo. He noticed that the sleep industry is highly fragmented, and established companies focused only on the sales of mattresses, downplaying the importance of quality.
Chaitanya Ramalingegowda and Ankit Garg | Wakefit, Co-founders
In 2015, Ankit bought a few hundred mattresses and sold them on Amazon as an experiment to understand the unit economics. He made a profit of INR 60 lakh in this trial period.
But he was not satisfied just selling mattresses online. He wanted to make superior quality mattresses with no adulteration, longevity, and construction that enables good sleep and luring for a nap. So he officially launched Wakefit as an online retail business in 2016, quitting his job, along with his colleague Chaitanya. With e-commerce gaining popularity and health awareness rising, the market was all set for them.
The Wakefit Business Model
Wakefit’s Company Logo
Wakefit has a customer-centric business model. Their sales are driven through their own website or through popular e-commerce platforms like Flipkart and Amazon. They do not plan to provide any offline experience centers, and follow an omnipresent business model. The company thinks that without using a bed overnight, customers cannot really know if they are comfortable. And most people are not comfortable lying on a bed in front of people.
Almost all of the raw material is imported from Europe and the Middle East to ensure world-class quality in terms of consistency and chemicals used. Manufacturing is done in Bengaluru, and quality checks take place in Europe.
Wakefit has got the highest sales from Bangalore with a monthly average order ranging from 55-66. They ship 250-300 units a day across India, adding up to 7,500-9,000 mattresses in a month. Wakefit claims that its mattresses are made of a protected “open-cell structure” for cool summers and its high-density foam helps give a complimentary support to the backs of customers.
Wakefit Marketing Strategies
Wakefit, unlike other companies, does not believe that marketing is all about releasing glamorous ad campaigns once in a quarter. On the other hand, their principle is to ensure that they got the basics right. They have focused on effective yet affordable strategies that other digital brands have quite ignored-SEO, SMM, performance marketing on Amazon, Google, Facebook, and Instagram among others.
Nearly 40-50% of potential customers come to Wakefit via family or friend referrals. This is possible because of heavily investing in word-of-mouth marketing. Wakefit often requests users to write reviews and share their experiences. This keeps the company in a positive outlook in consumers’ minds and drives conversions for people that are looking for mattresses.
Since Wakefit is an established D2C Brand, lack of middlemen enables Wakefit to provide prices that are 50 percent lesser than their competitors – between INR 5,000 and INR 26,000.
To overcome competition, Wakefit made customer support teams that catered to the customers 24×7. Moreover, they provide a 20 year warranty period on their mattresses which is unmatched in the industry.
The masterstroke played by Wakefit which made them stand out far ahead of the competitive crowd is the 100-day trial period for their products. That way customers get used to a high-quality product which was rather difficult to say no to after 100 days of affordable luxury.
The extensive research conducted by Wakefit gave them deep insights. They found out that 48% of people in India complained of back problems. Wakefit includes and considers such insights while designing their products.
Many people in metro cities, especially millennials nowadays, prefer renting. So Wakefit has made ties with online furniture and home appliances rental platforms to provide Wakefit’s mattresses along with their beds.
Wakefit has witnessed an exponential revenue growth in these five years.
Wakefit’s YoY Growth
In 2018, the growth increased by 350%, in 2019 it increased by 200%, and in 2020 it further increased by 147%. This growth can be attributed to Wakefit’s consumer-focused business plan and a steady approach toward marketing their products.
Expansion Opportunities for Wakefit amid the Pandemic
Despite the pandemic hitting business hard, Wakefit managed to bounce back. While it had INR 25 crore of revenue in August 2019, it almost doubled to INR 50 crore of revenue this August 2020, pre-GST.
In the last three months, Wakefit claimed to earn revenue from 2-tier cities like Mysore, Lucknow, Surat, and Kanpur among others, accounting for 50% of its total sales.
Wakefit is expanding beyond mattresses, to become a furniture brand and retailer during this pandemic. It includes manufacturing study tables, sofa, bookshelves, shoe racks, etc. And it is also prospering in the business, selling hundreds of furniture pieces every day. Today, 15% of the revenue generated by Wakefit comes from selling furniture products. Since India’s furniture market is 15% larger than mattresses, the revenue will further increase.
Wakefit has expanded its businesses to multiple hubs, including Bengaluru, Hyderabad, Mumbai, and Delhi NCR. It looks to deliver all its products in less than 24 hours across the country.
India’s mattress market is estimated to be worth INR 10,000 crore. Wakefit plans to monopolize the Indian mattress market and then move globally with its high-quality product and high-service experience. Asking the co-founder Chaitanya, he aims to have a revenue of INR 1000 crore in the next two years with happy and satisfied customers.
Wakefit will continue setting up more warehouses and logistics support, and hence expanding and achieving happy sleeping across the whole country.
Have you ordered from Wakefit and use their products? How was your experience on the services provided by Wakefit? How was Wakefit Mattress, Pillows and Cushions? Feel free to reach us and share your feedback on this mattress manufacturing company. We would love to hear from you. Do comment us in the message section below. Happy Reading.
FAQ’s
What is Wakefit?
Wakefit is a mattress manufacturing company that provides sleep solutions startup that offers comfortable mattresses and other related products such as pillows and comforters.
Is Wakefit Indian brand?
Wakefit is an Indian brand headquartered in Bengaluru.
Who is the owner of Wakefit?
Wakefit was founded by Ankit Garg and Chaitanya Ramalingegowda.
What does Wakefit provides?
Wakefit offers innovative sleep solutions along with other sleep-related products such as pillows, bed frames, neck pillows, back cushions, and comforters.
Does Wakefit mattress have a trial period?
Yes, you can return a Wakefit mattress within the first 100 days of purchasing it and it is eligible for return only if there are no stains, tears or another soiling including odors.
