Wakefit

After a trial period, Wakefit was formally launched in March 2016 with ₹18 lakh from the two founders’ savings, making and selling memory foam mattresses; in its early days the team visited the homes of its first 100 customers and recorded video interviews for feedback.⁠[1]

In December 2018 Wakefit closed its first institutional round, raising ₹65 crore from Sequoia CapitalSequoia CapitalSequoia Capital is a venture capital firm founded by Don Valentine in 1972, investing from the seed stage through the growth stage. Its historical investments include Apple, Cisco, Google, YouTube, Airbnb, and Stripe; in 2021 it introduced the Sequoia Capital Fund structure, which can continue to hold public securities, and in 2023 its regional businesses became independent brands and partnerships.Open the full entry, which took a 31.9% stake in the company.⁠[2]

In December 2020 Wakefit raised ₹185 crore in a Series B round led by Verlinvest and Sequoia Capital IndiaPeak XV PartnersPeak XV Partners is a venture capital firm that grew out of Sequoia’s India and Southeast Asia business, investing across the seed, venture and growth stages in markets including India, Asia-Pacific and the United States. The firm began operating as Sequoia Capital India in 2006 and adopted its current name and became independent in 2023.Open the full entry and offered early employees an ESOP buyback worth ₹15 crore. The company said it had been profitable since inception, with revenue of ₹80 crore in FY19 and ₹199 crore in FY20.⁠[2]

In November 2021 Wakefit raised ₹200 crore in a Series C round led by SIG, with Sequoia Capital India and Verlinvest participating, at a valuation of $380 million. At the time it manufactured in Bengaluru, Jodhpur and Delhi, ran 22 experience stores in 22 towns and had FY21 revenue of ₹416 crore.⁠[3]

In FY22 Wakefit’s operating revenue rose 55% to ₹632.8 crore, while its loss widened from ₹37 crore in the previous year to ₹101.8 crore. It sold mattresses, pillows, bed frames, sofas, study tables and other products through its website, e-commerce marketplaces and offline stores.⁠[4]

In January 2023 Wakefit raised ₹320 crore in a Series D round led by Investcorp, with all existing investors, Sequoia Capital India, Verlinvest and SIG, participating. The company had opened 12 physical stores across India in 2022 and planned close to 100 stores in 20 cities over the next three years.⁠[5]

In FY25 Wakefit’s revenue from operations rose to ₹1,274 crore from ₹986 crore in the previous year, with product sales as its only source of operating income; higher advertising, postage and employee costs widened its net loss to ₹35 crore from ₹15 crore.⁠[6]

In June 2025 Wakefit filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI), planning a fresh issue of up to ₹468.2 crore plus an offer for sale of 5.84 crore shares by Ankit Garg, Chaitanya Ramalingegowda and shareholders including Peak XV Partners and Verlinvest; the fresh proceeds were earmarked for 117 new company-owned regular stores and one jumbo store, equipment, store rentals and marketing.⁠[7]

In November 2025 Wakefit raised ₹56 crore in a pre-IPO round from DSP India Fund and 360 ONE Equity Opportunities Fund.⁠[8]

In early December 2025 Wakefit set its IPO price band at ₹185–195 per share for an issue of about ₹1,288 crore, comprising a fresh issue of 19.3 million shares worth ₹377.18 crore and an offer for sale of 46.8 million shares worth ₹911.7 crore; subscription ran from December 8 to 10, with Axis Capital, IIFL Capital Services and Nomura as book-running lead managers.⁠[9]

At the top of the price band Wakefit was valued at nearly ₹6,400 crore, and the promoters’ holding was set to fall from 43.70% to around 37%. The company then operated more than 130 stores and five factories, two each in Bengaluru and Hosur and one in Sonipat, with mattresses accounting for about 60% of revenue.⁠[8]

In the anchor round Wakefit allotted 29,743,590 shares at ₹195 each, raising ₹580 crore; nine domestic mutual funds took 16,154,332 of those shares.⁠[10]

Before the listing, Peak XV Partners, formerly Sequoia Capital India, was the largest outside shareholder with 22.47%, followed by VerlinvestVerlinvestVerlinvest is a family-backed evergreen investment company headquartered in Brussels, Belgium, that invests in high-growth brands in consumer goods, health, consumer technology, and lifestyle. It has been a long-term investor in brands such as Vita Coco, Oatly, and Tony’s Chocolonely, and in 2021 it invested in the New Zealand admissions consulting company Crimson Education.Open the full entry (9.79%) and Investcorp (9.29%); Peak XV was set to realise about ₹397 crore through the offer for sale.⁠[11]

On December 12, 2025, the prospectus of Wakefit Innovations Limited was posted on SEBI’s website as a final offer document filed with the Registrar of Companies.⁠[12]

On December 15, 2025, Wakefit listed on the National Stock Exchange of India (NSE) and BSE; its shares opened at the ₹195 issue price on the NSE and at ₹194.10, 0.46% below it, on the BSE. The offering had been subscribed about 2.52 times overall.⁠[13]

By category, the retail portion was subscribed 3.17 times, qualified institutional buyers 3.04 times and non-institutional investors 1.05 times; on the first day the stock fell as low as ₹177.25 intraday.⁠[14]

In February 2026 Wakefit appointed Parul Gupta, who had held senior roles at Syngene, Myntra, Jabong, Aircel and Airtel, as chief financial officer. In the third quarter of FY26 its revenue from operations rose to ₹421 crore from ₹385 crore a year earlier, and profit doubled from ₹16 crore in the previous quarter to ₹32 crore.⁠[15]

Results released in May 2026 showed Wakefit’s total revenue for FY26 rising 17.5% to ₹1,534 crore and profit of ₹189 crore, including a one-time deferred tax gain of about ₹98 crore in the fourth quarter; excluding that gain, fourth-quarter profit was ₹24 crore. Operating cash flow for the year rose to ₹244.5 crore.⁠[16]

Wakefit: Official website: https://www.wakefit.co/ (opens in a new window)⁠[17]