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Wakefit Innovations, a Bengaluru-based home and sleep solutions company, has filed its Draft Red Herring Prospectus with SEBI for an Initial Public Offering (IPO) to raise up to INR 468.22 crore. The IPO comprises a fresh issue and an Offer for Sale by existing shareholders, including promoters. Funds are set aside for retail expansion, machinery, marketing, and debt repayment. The company, founded in 2016, reported INR 971.08 crore revenue and a net loss of INR 8.81 crore in 9M FY25. Operating five manufacturing units, Wakefit aims to boost its omnichannel presence in India's growing home furnishings market, projected to reach INR 5.2-5.9 trillion by 2030.
Wakefit Innovations Limited, a home and sleep solutions company, has recently filed its initial public offering (IPO) documents with SEBI. It seeks to raise capital from the market for its operations across India through a combination of new share issuance and existing shareholder sale. Advertisement
The IPO structure includes a fresh issue of equity shares, aiming to raise up to INR 468.22 crore. An Offer for Sale (OFS) involves the divestment of up to 58,399,085 equity shares by existing shareholders. Proceeds from the fresh issue are set aside for setting up 118 new Company-Owned Company-Operated (COCO) stores, purchasing new machinery, marketing, debt repayment, and general corporate purposes.
Wakefit, founded in 2016 and headquartered in Bengaluru, Karnataka, is an omnichannel company specializing in home and sleep solutions, including mattresses, furniture, and furnishings. It operates five manufacturing units. Since entering offline retail in 2022, it has grown to over 80 stores in 26 cities and plans to open more.
The company has served over 8.5 million customers and expanded its product range to over 100 categories. A recent offering is the Connoisseur Collection of optimized home designs, developed from years of research to improve homeowner experience through efficient construction parameters and faster delivery, reducing construction time by up to 15% and offering delivery up to 49 days earlier than usual.
From April to December 2024, Wakefit's revenue was INR 971.08 crore, with the company reporting a net loss of INR 8.81 crore.In the full fiscal year 2024, its revenue was INR 986.35 crore with a net loss of INR 15.05 crore. Auditors noted some financial statement concerns in the Draft Red Herring Prospectus (DRHP) but these did not require changes to reported financials. The Indian home furnishings segment is projected to reach INR 5.2-5.9 trillion by 2030, driven by e-commerce, urbanization, and changing consumer lifestyles.
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