Wakefit | Pixr8 News

Venture capital firm Sequoia Capital has invested Rs 65 crore in Wakefit which manufactures mattresses, at a post-money valuation of Rs 210 crore. Through this round, Sequoia Capital has picked up 31.9% stake in the previously bootstrapped startup.The startup will leverage 10-15% of the acquired funds primarily to strengthen its manufacturing arm by introducing automation and boosting its production capacity from 250 mattresses per day to 700 mattresses per day and also plans to invest in innovation and launch newer product ranges,including bed sheets fabricated with wood pulp fibers, comforters, pillows, and sleepwear.“Wakefit has been at the forefront of high quality sleep solutions since 2015, democratizing great sleep and changing the way India sleeps. We are very keen to initiate the...

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...

Tag: Wakefit

VC Firm Sequoia Capital Invests Rs 65 Crore in Wakefit

Wakefit in Advanced Talks to Raise $6 Million from 3 Venture Capital Funds