Wakefit enters Rs 1,000 crore revenue club, returns to Ebitda profitability

The sleep solutions company records a 24 per cent jump in revenue since the last financial year and remains on track to maintain its growth trajectory

India’s largest direct-to-customer (D2C) home and sleep solutions company Wakefit has crossed the Rs 1,000 crore revenue mark by earning Rs 1,017 crore for financial year 2024 (FY24), a 24 per cent year-on-year increase.

The company, which was Ebitda profitable for the first four years of its operations, marked its return to profitability this year, with an EBITDA of Rs 65 crore.

Wakefit said it would continue to chase double digit growth for FY25 and focus on expanding its product categories, doubling down on omnichannel expansion, and continue investing in brand-building initiatives.

“Crossing the Rs 1,000 crore revenue milestone marks a significant achievement for us. Our 24 per cent year-on-year growth underscores our commitment to delivering innovative and high quality products while staying attuned to the evolving needs of Indian households,” said Chaitanya Ramalingegowda, co-founder and director, Wakefit.

 

Ankit Garg, co-founder and CEO, Wakefit said that returning to profitability with an Ebitda of Rs 65 crore is a testament to the resilience of the business model and the efficiency of operations.

“As we prepare for the next phase, we will focus on sustaining this profitability while scaling our business, ensuring that our long-term growth trajectory remains strong,” he said.

The firm has expanded into home decor, lighting, furnishings, and more, to complement its existing sleep and furniture categories. It has ramped up its portfolio to over 100 categories and 6,000 stock-keeping units. The launch of the AI-powered sleep solutions range, Zense, also marks Wakefit’s entry into SleepTech, helping the company address prominent white spaces in the market.

The firm is also focusing on omnichannel expansion. Consumer trends have shown that retail stores have a significantly higher AOV (Average Order Value) and customers have a deeper engagement with the brand.

As customer research journeys and buying behaviours have evolved, Wakefit believes that an omnichannel strategy is crucial to cater to customers across various touchpoints. Since its foray into offline retail in 2022, the company now operates in over 80 stores across 26 cities, and plans to increase this to 120 stores steadily in the next 6 months. In comparison to the previous year, the company’s top-of-mind awareness grew by nearly 40 per cent this year.