Monday, June 5, 2023

D2C brand raises $40M in a Series D round led by Investcorp

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Bengaluru-based online D2C brand has raised $40 million in a Series D funding round led by Investcorp, along with the participation from existing investors Sequoia Capital India, Verlinvest, and SIG.

The brand plans to use the raised funds to expand categories and widen its omnichannel presence in the country’s Tier II and III markets. Additionally, It intends to strengthen its supply chain and add staff to its workforce.

Established in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit (Wakefit Innovations Pvt. Ltd.) is an online D2C store providing sleep and home-solutions products such as mattresses, pillows, bed frames, comforters, neck pillows, and back cushions.

The startup also hosts a range of home improvement products and furniture items, including study tables, bookshelves, and shoe racks, manufactured in its factories in Bengaluru, Jodhpur, and Delhi.

In December 2021, Wakefit raised $28 million as part of its Series C round from SIG, a global trading and investment firm headquartered in Pennsylvania (US). The company, which reported a loss of Rs 102 crore in FY22, aims to become profitable by the fiscal year 2024 and is eyeing a revenue of Rs 1,200 crore in the next two years.

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