The company Wakefit has appointed Axis Capital, IIFL Capital Services, and Nomura as advisors for its initial public offering (IPO), as per the money control report.
Peak XV Partners, Paramark Ventures from South Korea, and Verlinvest from Europe are the chosen investors in the issue.
The company has secured funding of more than ₹850 crore from investors. At the time of the launch of the IPO, the investors might sell some of their shares in the IPO.
Wakefit is a Bengaluru-based company founded in 2015, is one of the well-known companies that started its business by selling mattresses and afterward planned to expand its business by selling furniture like beds, tables, chairs, sofas, home decor and lighting, kids furniture, pillows, etc. The aim goal of Wakefit is to offer products that enhance your overall life and well-being.
SleepyCat, Duroflex, Pepperfry, IKEA, and Woodenstreet are some of the peer company of Wakefit that works in the sector of furniture and sleep product market.
In FY24, the company generated a revenue of ₹986.4 crore, compared to revenue of FY23 which was ₹812.6 crore showcasing the increment by 21% respectively. Additionally, the company was able to reduce its losses down to ₹15 crore in FY23, compared to ₹145 crore in the previous year.
