Mumbai, India: Wakefit.co, one of India’s largest D2C home and sleep solutions brands, clocked in revenue of INR 636 Cr FY 22. The brand has registered a 50% Y-o-Y growth in revenue compared to FY 21. Striving to keep up this pace in the burgeoning Indian home solutions and home furnishings category, the company envisions crossing the 1000 Cr revenue target in the ongoing fiscal year. Disruptive in its use of innovation and technology, Wakefit.co envisages becoming the most loved home solutions brand in India.
Sharing his views on the buoyant growth of the brand, Chaitanya Ramalingegowda, Director and Co-founder, Wakefit.co, said, “Ever since inception, product-innovation, and customer-centricity have been embedded in Wakefit.co’s DNA. This has been instrumental in keeping us ahead of the curve in the home solutions space which is growing at a double-digit rate in India. We believe that the growth we have recorded over the last few years is a true testament to the quality and service that we have been offering to our customer base.
Ankit Garg, CEO & Co-founder, of Wakefit.co added, “After having revolutionized the sleep solutions space in the country, we now aim to disrupt the home solutions market by offering supreme quality products, while also introducing industry-first initiatives such as the ‘No questions asked’ return policy. With a growth trajectory in place after gaining a sizeable market share in the sleep solutions category, we are on track to cross the 1,000 Cr revenue target that we have set for FY 23.”
A pioneer in the industry that it caters to, Wakefit.co has launched multiple thought-provoking campaigns to highlight its vision of catering to sleep and home health. Its ‘No Questions Asked’ return policy for sofa and aligned furniture products stems from understanding the necessity of choosing the right furniture to meet the comfort needs of people, while also addressing their anxieties of buying a product that they may worry about fitting in their home. The company’s recent rollout of the ‘Right to nap’ policy, an industry-first initiative to ensure a 30-minute break for all employees during work hours, followed by the ‘Do Se Dhai’ campaign, an initiative to normalize afternoon naps at workplaces, and many more such campaigns are strides towards strengthening the company’s position in the industry. These relentless efforts by Wakefit.co have enabled the brand’s name to grow by 37% in terms of keyword searches according to Google trends.
Strengthening D2C play
During the pandemic, the reliance on D2C online players for meeting home needs saw a surge. This trend has continued post-pandemic too, owing to the ease and comfort of buying online. Wakefit.co was one of the most searched mattress brands on prominent online marketplaces during the month of March this year. Key growth for the brand came from Karnataka, Telangana, Tamil Nadu, Maharashtra, Uttar Pradesh, and NCR. Around 26 cities in the South region helped Wakefit.co to double revenue from these regions, with over a 50% jump in sales traffic and revenue from Andhra Pradesh and Telangana.
Scaling up manufacturing
Wakefit.co is a full-stack backward integrated company with factories spread across Bengaluru, Jodhpur, and Delhi, and its manufacturing processes are shaped by the demands and needs of the customers. Furniture has been contributing close to 20% of the business within seven quarters of the launch. Driven by constant customer-centric innovation, the furniture category has the potential to fetch 25% of the business monthly very soon. Aiming for deeper penetration into the home solutions space, Wakefit.co has also commissioned a manufacturing facility in Sonipat (Haryana) for mattresses and a furniture factory in Hosur (Tamil Nadu) with a total capital expenditure outlay of over INR 100 crore.
Robust retail expansion
The brand aims to scale offline expansions in Northern markets in the years to come. While the company has already launched offline retail stores in key markets such as Bengaluru, New Delhi, Ahmedabad, Chennai, and Lucknow, it plans to open a few more offline stores and grow its base in tier 2 and 3 regions in the country. Wakefit.co is also focusing on automation and scaling up manufacturing facilities. Going ahead with purpose-driven objectives, the brand aspires to grow its revenue stream, while also aiming to become India’s most loved home and sleep solutions brand.