Sleep Experts Usher Your Sweet Dreams Founders Chaitanya Ramalingegowda and Ankit Garg each had three failed attempts in entrepreneurial arena. But their camaraderie fructified with Wakefit, which achieved breakeven in just three months of its inception.
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Ever heard of sleep experts? No? Well, they are not doctors. They are a bunch of Wakefit's highly-trained customer delight executives who have a solution for your sleep issues with their unique products. The founders feel that these experts have been a game-changer culminating to the success of their venture. Showcasing consistent sales, they garnered a funding of Rs 65 crore in December 2018 clocking a turnover of whopping Rs 27 crore in FY 2018. They are en-route to triple the sales in FY 19.
What is the founding story of Wakefit?
Chaitanya: Ankit had a personal experience of buying a mattress in 2014. Eventually, he was left miffed with expensive purchase which was unsuitable for his sleep; this was coupled with poor purchase experience at the store. He had a vast experience in the foam industry, working with large incumbents. We were working for a startup where I joined as head of operations and Ankit was part of the team. The idea germinated in Ankit's head.
What has Chaitanya brought to the table?
Ankit: I am more aggressive, spontaneous and Chaitanya complements my traits with his composure, discipline and futuristic thinking. Whenever we debate on any major decision to be implemented he knows how to make it sustainable and at the same time I can back it with rapid growth through scalability.
What has been the turning point for Wakefit?
Chaitanya: We are blessed that there have been more highs than lows in our journey. We do not count the highs in terms of money but weigh it by the number of satisfied customers. Until 2015, mattresses were not selling online as the people thought that this category was offline and touch-and-feel based. I think completing first 100 orders was when the tide turned for us.
In future how do you want Wakefit to grow?
Ankit: We want to be known as India's best sleep solutions provider. We design our product as per the needs
and expectations of our customers. Our products give deep, quick and sound sleep. Hence, the venture was also named Wakefit. We lay special emphasis on research and development (R&D) to give better experience, with the use of imported lab machinery around pressure mapping, temperature measurement and stress testing.
How do you manage the distribution and marketing of your products?
Ankit: We have our own production centre in Bangalore. For smoother deliveries we have tied up with logistics companies like Fed Ex, Blue Dart and have also set up four warehouses in Mumbai, Pune, Hyderabad and Bangalore. We have delivered products from Leh-Ladakh to Andaman-Nicobar Islands but still have a lot to explore in other parts of India.
How did you compete with established players?
Ankit: Our proprietary creation, CoolFit foam is combined with memory foam to regulate temperature, adjust with cellular structure and make mattress more breathable even in peak summer. We knew that the established brands had failed to provide experience. Thus, we employed sleep experts who are given one-month training. They follow-up three months post the sale to check how the mattress is behaving.
Based in: Bangalore
Expected revenue for FY 19: Rs 80 crore
Sleep experts: 35
Funding: Rs 65 crore
Proprietary product: CoolFit foam
Products: Cots, pillows, mattress protectors, comforters, bed sheets