Wakefit, the Bengaluru-based mattress and furniture manufacturer, reported a 24% year-on-year revenue increase, reaching INR 1,017 crore for the financial year ending March 31, 2024.The͏͏ company͏͏ also͏͏ announced͏͏ its͏͏ return͏͏ to͏͏ profitability,͏͏ with͏͏ earnings͏͏ before͏͏ interest,͏͏ taxes,͏͏ depreciation,͏͏ and͏͏ amortisation͏͏ of͏͏ INR͏͏ 65͏͏ crore.͏͏ Wakefit͏͏ had͏͏ maintained͏͏ profitability͏͏ during͏͏ its͏͏ first͏͏ four͏͏ years͏͏ of͏͏ operation.
Operating͏͏ revenue͏͏ for͏͏ FY24͏͏ was͏͏ approximately͏͏ INR͏͏ 985͏͏ crore,͏͏ an͏͏ increase͏͏ from͏͏ INR͏͏ 813͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ year,͏͏ the͏͏ company͏͏ reported.
Omnichannel͏͏ Expansion:
Wakefit͏͏ cofounder͏͏ Chaitanya͏͏ Ramalingegowda͏͏ credited͏͏ the͏͏ revenue͏͏ growth͏͏ to͏͏ the͏͏ company’s͏͏ emphasis͏͏ on͏͏ enhancing͏͏ its͏͏ omnichannel͏͏ presence.͏͏ He͏͏ noted͏͏ that͏͏ several͏͏ stores͏͏ have͏͏ matured,͏͏ new͏͏ outlets͏͏ are͏͏ being͏͏ launched,͏͏ and͏͏ the͏͏ automated͏͏ mattress͏͏ factory͏͏ has͏͏ contributed͏͏ to͏͏ this͏͏ success.
Evolving͏͏ Product͏͏ Portfolio:
“Initially,͏͏ when͏͏ we͏͏ launched͏͏ the͏͏ furniture͏͏ category,͏͏ we͏͏ focused͏͏ on͏͏ value-for-money͏͏ products͏͏ aimed͏͏ primarily͏͏ at͏͏ early-age͏͏ consumers͏͏ aged͏͏ 25͏͏ to͏͏ 30͏͏ or͏͏ young͏͏ couples.͏͏ Today,͏͏ a͏͏ substantial͏͏ portion͏͏ of͏͏ our͏͏ catalogue͏͏ is͏͏ designed͏͏ for͏͏ married͏͏ families,͏͏ ranging͏͏ from͏͏ 25͏͏ to͏͏ 50͏͏ years͏͏ old,”͏͏ said͏͏ CEO͏͏ Ankit͏͏ Garg.͏͏ “This͏͏ shift͏͏ has͏͏ led͏͏ to͏͏ the͏͏ introduction͏͏ of͏͏ more͏͏ classical͏͏ and͏͏ intricate͏͏ designs,͏͏ marking͏͏ a͏͏ significant͏͏ change͏͏ in͏͏ our͏͏ portfolio.”
Continue͏͏ Exploring:͏͏ Wakefit.co͏͏ introduces͏͏ cutting-edge͏͏ AI-driven͏͏ sleep͏͏ solutions͏͏ with͏͏ the͏͏ Wakefit͏͏ Zense͏͏ range
Retail͏͏ Expansion͏͏ Plans:
The͏͏ company͏͏ ventured͏͏ into͏͏ offline͏͏ retail͏͏ in͏͏ 2022͏͏ and͏͏ currently͏͏ operates͏͏ approximately͏͏ 80͏͏ stores͏͏ in͏͏ 26͏͏ cities.͏͏ It͏͏ plans͏͏ to͏͏ expand͏͏ its͏͏ footprint͏͏ to͏͏ 120͏͏ stores͏͏ over͏͏ the͏͏ next͏͏ six͏͏ months.
“During͏͏ the͏͏ past͏͏ 18͏͏ to͏͏ 24͏͏ months,͏͏ we͏͏ have͏͏ observed͏͏ a͏͏ substantial͏͏ increase͏͏ in͏͏ revenue͏͏ generated͏͏ from͏͏ retail͏͏ stores,”͏͏ Garg͏͏ stated.
At͏͏ present,͏͏ the͏͏ company͏͏ generates͏͏ 30%͏͏ of͏͏ its͏͏ revenue͏͏ from͏͏ retail͏͏ stores,͏͏ while͏͏ marketplaces͏͏ account͏͏ for͏͏ approximately͏͏ 20-30%,͏͏ he͏͏ noted.
Founded͏͏ in͏͏ 2016͏͏ and͏͏ backed͏͏ by͏͏ Peak͏͏ XV,͏͏ the͏͏ company͏͏ initially͏͏ focused͏͏ on͏͏ sleep͏͏ products͏͏ such͏͏ as͏͏ mattresses,͏͏ pillows,͏͏ and͏͏ bed͏͏ frames.͏͏ Over͏͏ time,͏͏ it͏͏ expanded͏͏ its͏͏ portfolio͏͏ to͏͏ include͏͏ a͏͏ wide͏͏ range͏͏ of͏͏ home͏͏ products,͏͏ including͏͏ sofas,͏͏ dining͏͏ sets,͏͏ wardrobes,͏͏ study͏͏ tables,͏͏ and͏͏ bookshelves.
According͏͏ to͏͏ Garg,͏͏ Wakefit͏͏ aims͏͏ for͏͏ a͏͏ 30%͏͏ revenue͏͏ increase͏͏ in͏͏ 2024-25.͏͏ The͏͏ company͏͏ will͏͏ concentrate͏͏ on͏͏ expanding͏͏ its͏͏ product͏͏ range,͏͏ strengthening͏͏ its͏͏ omnichannel͏͏ presence,͏͏ and͏͏ maintaining͏͏ its͏͏ investment͏͏ in͏͏ brand-building͏͏ initiatives.
In͏͏ January͏͏ 2023,͏͏ the͏͏ company͏͏ raised͏͏ $40͏͏ million͏͏ in͏͏ a͏͏ funding͏͏ round͏͏ led͏͏ by͏͏ Investcorp.
