Wakefit in Advanced Talks to Raise $6 Million from 3 Venture Capital Funds
Wakefit, an online company that sells mattresses is in advanced talks with three venture capital funds for the purpose of securing about Rs 40 crore ($6 million). The funding will be led by Sequoia Capital.
If the funding is implemented, it will be Wakefit’s first external round of investment. The company was inaugurated in 2016 by Ankit Garg and Chaitanya Ramalingegowda.
The large part of funds so raised is expected to be used towards the expansion of the product portfolio. Wakefit is planning to offer beds/cots, neck pillows and a limited range of nightwear, driven by research to induce sleep faster for the wearer.
“Our mattress is currently in its 11th iteration, which we continuously change after feedback from customers. Since we started in 2016, we have sold over 1.25 lakh unit...