Wakefit, sleep solutions startup aims to provide a comfortable bed in challenging days. Experimented and progressed for user-friendly beneficial factors, Wakefit was launched in March 2016 and proposed mattresses along with other sleep-related products such as pillows and comforters. Ankit Garg is the Director and Founder at Wakefit.co, also was featured in the Forbes 30 under 30 Young Entrepreneurs list in 2019. Before the initiation of Wakefit.co, he worked as a Management trainee at Brayer Material Science for 4 years. Chaitanya Ramalingegowda is the Co-founder of this sleep solutions startup.
Aim to Provide Quality Sleep
It is a Bengaluru based startup company that works with a completely objective and purpose of bringing sleep into more and more Indians’ consciousness and help them improve their immunity and increase concentration by accessing the right products. Wakefit.co offers foamy mattresses that provide support and comfort. The team of Wakefit.co believes that quality sleep is an essential need and a thing of luxury, which encourages the members to focus on transformation in product development and cost optimization, and excellence in customer experience.
Chaitanya Ramalingegowda says, “ With the plethora of decisions a person has to make in a single day, we want to simplify consumer’s life by helping them make at least one less decision.”
A Shopping Encounter Lead To the Onset of Wakefit
The motivation for this startup as a result of Ankit Garg’s personal experience of buying a mattress. Having worked with German Multinationals in the space gave him a detailed knowledge of the raw materials that were required for the manufacture of the mattress and the cost at which these resources were sold and bought. He experienced the journey of buying a mattress and realized that the sales representative had no knowledge of the science of sleep. This triggered the drive to alter the way Indians accessed sleep belongings in the country. It was the time when Ankit Garg and Chaitanya Ramalingegowda decided to revolutionize sleep and make good quality and accessible sleep products.
The Business Model
Wakefit.co follows a D2C business model in order to justify costs. They work in the e-commerce space and the entire range of products are listed on Wakefit’s website, as well as on Amazon, Flipkart, and PeperFry. Through these channels Wakefit.co company delivers to more than 19,000 pin codes in India. With 3 times growth in revenue, since the setup, they are maintaining profitability since 2016. As they have no intermediary in between due to which Wakefit.co company is able to provide prices that are lower than their competitors. This four-year-old startup has raised Rs 65 crores in the first round of funding in December 2018 by Sequoia Capital for a 31 percent stake. The firm has been growing, closed FY 2018-2019 with revenues of Rs. 81 crores, a jump of 200 percent. Targeting Rs 200 crore in FY 2020.
Wakefit.co User Acquisition
This startup company provides a 100 day free trial with 100% return policy as a cursory visit to the store cannot give an indication of the quality. It built a community of over 4 Lakh customers and have gained more than 12,000 positive reviews online. The Sleep Internship initiative started by Wakefit.co aims to bring back the focus on sleep health. Presently, Wakefit’s monthly revenue is Rs 8-9 crore. They are among the best sellers in the category on Amazon. Ships 250-300 units a day, adding up to 7,500 -9,000 mattresses a month.