Private Equity

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D2C mattress brand Wakefit raises $40-M in Series D round from Investcorp

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Bengaluru-based direct-to-consumer (D2C) furniture and home improvement brand Wakefit has raised USD 40 million (INR 320 crore) in a Series D funding round led by Investcorp. Existing investors Sequoia Capital India, Verlinvest, and Susquehanna International Group, (SIG) also participated in the round. Wakefit will use the fresh funds for hiring talent and expanding categories and widening its omni-channel presence in Tier II and III markets in the country. The company aims to open 30 physical stores by March and another 70 by the end of FY23. Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit hosts a range of home improvement products including study tables, bookshelves, and shoe racks, manufactured in its factories in Bengaluru, Jodhpur, and Delhi.

From the Venture Intelligence PE-VC Deal Database: Between Dec-2018 and Nov-2021, Wakefit had raised over USD 60 M from Susquehanna International Group, Verlinvest, Sequoia Capital India. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.) From the Venture Intelligence Private Company Financials Database: Wakefit reported operating income of INR 632 crore in FY22. (Subscribers to the database can login to view the detailed financials.)