For the financial year ending March 2022, the sleep solutions startup Wakefit reported revenue of nearly USD 82 million, which is a 50% increase from the previous year. It aims to reach a revenue of approximately USD 128 million in the next fiscal year.
The company's revenue growth was mainly attributed to the increase in sales in various states such as Karnataka, Telangana, Tamil Nadu, Uttar Pradesh, and Delhi. Over the past year, Wakefit has also doubled its revenue from Telangana and Andhra Pradesh.
Ankit Garg, the Wakefit Chief Executive Officer mentioned that after gaining a significant share in the sleep solutions market, the company is right on track to achieve its target of USD 129 million for FY 22-23. The startup has also invested nearly USD 13 million in its facilities in Sonipat, Haryana for the production of mattresses, along with a furniture factory in Hosur, Tamil Nadu.
According to Chaitanya Ramalingegowda, the company's co-founder and Director, Wakefit's DNA has always been rooted in the idea of providing a superior customer experience. This has helped the company keep up with the rapid growth of the home solutions market in India.
Ramalingegowda added that the company's continuous investment in product innovation has allowed it to remain ahead of the curve.
Speaking on innovative ideas, Wakefit has recently implemented a 'right to nap' policy, which requires all employees to take a 30-minute break during working hours.
As for the future, the firm is planning on further expansion in the North Indian markets by opening more offline stores. It has already launched retail outlets in various cities such as New Delhi, Bengaluru, and Lucknow, and it now intends on branching these to smaller towns.
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