Wakefit.co Reports 24% Revenue Growth, Achieves INR 65 Cr EBITDA Profitability in FY24 The Bengaluru-based platform plans to scale in FY 2024-25 by expanding product categories, enhancing brand presence, and growing its omnichannel strategy, aiming to increase stores from 80 to 120 within six months.
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Wakefit.co, a direct-to-consumer (D2C) home and sleep solutions provider, reported a 24% increase in revenue, reaching INR 1,017 crore for the financial year ending March 2024. The Bengaluru-based company also announced its return to EBITDA profitability, achieving an EBITDA of INR 65 crore, a significant milestone in its growth journey.
Ankit Garg, Co-founder and CEO of Wakefit.co, highlighted, "Returning to profitability with an EBITDA of INR 65 crore is a testament to the resilience of our business model and the efficiency of our operations. This milestone reflects the disciplined financial management we have implemented while continuing to invest in areas that fuel growth."
As the company enters FY 2024-25, it plans to scale its business with a strong focus on expanding product categories, building its brand, and implementing an omnichannel strategy. The company has seen success with higher average order values (AOV) and greater brand engagement through its offline channels, which now consist of 80 stores in 26 cities. Wakefit.co aims to grow its presence by increasing the number of stores to 120 in the next six months.
Founded in March 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit.co has expanded beyond sleep solutions to include a wide range of home decor, lighting, and furnishing products. Its portfolio now boasts over 100 categories and more than 6,000 SKUs, which include mattresses, pillows, bed frames, sofas, dining sets, wardrobes, study tables, and more.
Wakefit.co has also ventured into SleepTech with its AI-powered Zense range, addressing untapped opportunities in the market. The company manufactures its products in-house at facilities located in Bengaluru, Hosur, Jodhpur, and Delhi, making them available through its online portal, offline stores, and major online marketplaces.
Chaitanya Ramalingegowda, Co-founder and Director, shared, "Crossing the INR 1,000 crore revenue milestone marks a significant achievement for us. Our 24% year-on-year growth underscores our commitment to delivering innovative and high-quality products while staying attuned to the evolving needs of Indian households."
With its strategic focus on product expansion, omnichannel growth, and brand building, Wakefit.co is confident of sustaining its momentum and driving double-digit growth in the coming years.
