Wakefit, the Bengaluru-based home furnishings and sleep solutions startup, said on Thursday it had raised around $ 27 million (Rs 200 crore) under its Series C funding round led by SIG Global.
Existing investors Sequoia Capital India and Verlinvest also participated in the roundtable, Wakefit said in a statement.
The latest brew valued Wakefit at around $ 380 million.
The startup will use the funding for its omnichannel expansion and to boost supply chain and logistics management, technology and marketing. It also aims to hire people at all levels in the coming months.
Wakefit last raised Rs 185 crore as part of its Series B funding round led by European investment firm Verlinvest in December 2020. Sequoia Capital India was also involved in this round.
“The infusion comes at a strategic time as we study large-scale expansion across the country. As India’s number one sleep player (online), we also aim to replicate our success in home and furnishings. The C-Series cycle will help us expand our category offerings, as well as create pathways for deeper geographic penetration, ”said Ankit Garg, CEO and Co-Founder of Wakefit.co.
Founded by Garg and Chaitanya Ramalingegowda, Wakefit initially only sold mattresses, but then expanded into the furniture space as well. The company sells its products through several e-commerce platforms, including Amazon and Flipkart.
With over 45% of its revenue coming from beyond the top eight cities, the company plans to meet growing demand by continuing to focus on R&D and expanding product lines to include lighting, decoration, furnishings and more in addition to its sleeping and furnishing products. .
The company aims to reach Rs 700 crore in revenue by the end of the current fiscal year.