Wakefit, a sleep and home solutions startup, submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) on June 27, aiming to raise ₹468.2 crore through a fresh issue of shares.
Wakefit’s draft red herring prospectus (DRHP) reveals that several of its investors—including Paramark, Investcorp, Verlinvest SA, Redwood Trust, and Peak XV Partners—plan to offload a portion of their holdings through an offer for sale (OFS). Founders Ankit Garg and Chaitanya Ramalingegowda will also participate in the OFS.
The company will offer a total of 5.8 crore shares, raising ₹468 crore through the fresh issue, while the remaining capital will come from the offer for sale (OFS) component. According to earlier reports, Wakefit aims to raise around ₹1,500–2,000 crore (approximately $200 million) through the IPO.
The company has appointed Axis Capital, IIFL Capital Services, and Nomura as its IPO advisors.
Wakefit, which has secured over $100 million (approximately ₹850 crore) in funding from investors such as Peak XV Partners, South Korea’s Paramark Ventures, Europe’s Verlinvest, and others, is now aiming to provide partial exits to some of its early backers.
Launched in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit began as a mattress-focused brand and later expanded into related segments like cots, tables, chairs, and a wide range of home furnishing products to drive revenue growth.
The company has significantly scaled its revenue—from ₹199 crore in FY20 to ₹1,017 crore in FY24—while also reducing its losses from ₹146 crore in FY23 to just ₹15 crore in FY24, as per regulatory filings.
Wakefit’s IPO marks a major milestone in its growth journey, reflecting the company’s strong financial performance and successful diversification beyond mattresses. With backing from prominent investors and a sharp reduction in losses, the IPO will not only provide partial exits for early stakeholders but also position Wakefit for its next phase of expansion in the competitive home solutions market.
