Wakefit.co, India’s largest home and sleep solutions company, announced Thursday it has raised INR200 Crores ($26.87 million) Series C round of funding led by US investment firm SIG.

Sequoia Capital India and Verlinvest also participated in the round as existing investors.

With the Series C round, Wakefit.co’s valuation will soar to over INR2800 Crores ($380 Million).

Wakefit.co said in statement that the funding will bolster the company’s omnichannel expansion plans and will be deployed to boost its supply chain and logistics management, technological enhancement, and marketing spend. It also plans to hire people across all levels in the months to come.

“The infusion comes at a strategic point in time for us, as we drill down on large-scale expansion across the country. As the number one sleep player in India (online), we are aiming to replicate our success in the home and furnishings space too. The Series C round will help us broaden our category offerings, as well as create avenues for deeper geographical penetration,” said Ankit Garg, Chief Executive Officer and Co-Founder of Wakefit.co.

According to the statement, the company also aims to further its vision of improving the quality of living in Indian homes through its high-quality yet affordable home and sleep solutions products. It said the infusion of funds will help Wakefit reach deeper pockets of the country.

With over 45 percent of its revenue coming from beyond the top 8 cities, the company said it plans to cater to the increasing demand by continuing its focus on research and development and expanding product lines to include lighting, decor, furnishings, and more in addition to its sleep and furniture products.

It said the company also takes pride in its customer experience and product innovation and plans on further strengthening these areas by investing extensively in the enhancement of research, setting up state-of-the-art factories, warehouses and experience centers, innovative marketing campaigns, as well as skill-building for staff and contract workers.

Wakefit.co also said the company is on track to achieve INR700 crores ($94.04 million) in revenue by FY 2022, despite being impacted like most businesses during April and May 2021 due to the second wave of the pandemic.

In October 2021, which marks the first two phases of the festive sale period, the company sold over 100,000 mattresses and clocked over INR100 crores ($13.43 million). The home and sleep solutions startup expects this demand to continue to surge over the next few months.

“We have built Wakefit.co on the strong foundation of research excellence and customer-centricity, which has attracted like-minded investors to put their faith in the company. The Series C round is an important inflection point for us, as we target aggressive expansion plans in the years to come,” said Chaitanya Ramalingegowda, Director and Co-Founder of Wakefit.co.

The Series C funding comes within a year of Wakefit.co Series B round, where the company raised INR185 crores ($24.85 million) from Verlinvest and Sequoia Capital India. The company is riding high after servicing over 800,000 customers across India and receiving more than 100,000 positive reviews online.

Wakefit.co is a research and innovation-driven sleep and home solutions company established in March 2016. It was founded by Ankit Garg and Chaitanya Ramalingegowda, with a vision to democratize sleep and home solutions in India.

With a portfolio that previously included mattresses, pillows, bed frames, mattress protector, comforter, neck pillows, and back cushions, Wakefit.co has now expanded to include home products such as study tables, bookshelves, shoe racks, TV units, side tables, coffee tables, dining tables, towels, and more. It manufactures its products in-house at factories in Bengaluru, Jodhpur, and Delhi and sells across the country through its own online portal and through other online marketplaces.

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