Wakefit.co reports 35% increase in revenue during 2023 festive season sale

Wakefit.co, the sleep and home solutions company, said it witnessed a 35 per cent increase in revenue during its annual festive season sale in 2023, compared to last year’s festive season. The firm hosted the sale from October 7 to November 11 and recorded 2.4 million new visitors this year.

"This symbolises the growing faith in our brand," said Ankit Garg, chief executive officer and co-founder, Wakefit.co. "We are committed to continuously enhancing our product offerings."

While mattresses and accessories continue to be the highest contributors to the revenue, furniture now commands 30 per cent of the business. The sale recorded standout categories such as dining tables soaring to 3.4 times and wardrobes doubling to 2.6 times as compared to last year. Categories like shoe racks, TV units, and coffee tables have doubled in terms of demand since last year. The firm is catering to a larger base of customers across metros and non-metros.

 

“This year's performance is a significant milestone in our 8-year journey,” said Chaitanya Ramalingegowda, director and co-founder, Wakefit.co.

The festive season saw a surge in customers, with over 1.75 lakh unique customers. While the top 8 metro cities contributed to over 50 per cent of the revenue during the festive sale, Bengaluru, Hyderabad, and the National Capital Region (NCR) continued to be the largest markets for Wakefit. In terms of the highest average order value, Kolkata ranked first, while Bengaluru, Hyderabad, and Delhi ranked a close second.

The company recorded a revenue of Rs 825 crore in the financial year (FY) 2023 and aims to cross the Rs 1000 crore revenue mark by FY 2024.

The firm has raised a total funding of $145 million from investors such as Bahrain's alternative investment firm InvestCorp, Verlinvest, and Sequoia (now called Peak XV).