WakeFit: From idea to IPO, How WakeFit made revenue of rs. 650 crores in FY22.

Wakefit, a firm that provides sleep solutions, was founded in Bangalore in March 2016 with the intention of changing Indians’ sleep quality. According to the Wakefit team’s guiding principle, “Quality sleep is a basic need, not a luxury,” the team places a high value on product innovation, operational effectiveness, cost containment, and exceptional customer service. Customers also believe that Wakefit’s high-quality products are considerably more cost-effective and practical than its competitors.

The “Orthopedic Memory Foam” and “Dual Comfort” types of WakeFit’s mattresses were first introduced, and soon the other 2 were added. The company divides its Wake fit mattress into 4 simple-to-remember categories in an effort to make things simple. According to Wakefit founder Chaitanya Ramalingegowda, the option was made to prevent decision fatigue.

How Wakefit Production Works

To assure top-notch quality in terms of consistency and chemicals used, WakeFit imports the majority of its raw materials from Europe and the Middle East. Bengaluru is where the manufacturing is done, and Europe is where the quality control is done. They have Certi-PUR certification (for foam). An environmental organization called Greenguard, which works to lessen human exposure to toxins, has certified the chemicals used. Profits from Wakefit have gone toward purchasing German manufacturing tools that are both highly effective and inexpensive.

According to a poll done by Wakefit’s website, Wakefit. co, 48% of respondents in India reported having back difficulties. In addition, 80% of Indians apparently experience fatigue once every three days at the office. Wakefit designed its products with a number of cutting-edge features to address the growing number of sleep-related issues. According to Wakefit, its mattresses have “open-cell structures” that are unique to the company, which are cool in the summer and provide supplementary support. The manufacturer has also paid attention to body contour. Memory foam, according to Wakefit, relieves pressure points.

WakeFit Funding

It received $9 million from Sequoia Capital for research and development in December 2018. In an effort to raise awareness of the importance of sleep health and to better understand sleep patterns, Wakefit launched a sleep internship project in late 2019. Volunteers were required to sleep 9 hours per day on their mattresses for 100 days. Both domestically and internationally, people recognized the efforts. The chief technology officer is Kumar Gaurav, while the vice president is Parasar Sarma.

The money has allowed the business to experiment with product innovation and strengthen its R&D capabilities by purchasing automated machinery. To learn how foam responds to various body postures, Wakefit purchased three pieces of equipment for mapping temperature, pressure, and stress. Presently, Wakefit is offering its products in its fifteenth version.

As of November 2021, Wakefit has been valued at INR 2,790 crore, a huge increase from INR 1,900 crore in 2020. For the benefit of the company’s founding employees, the corporation also implemented an employee stock ownership plan (ESOP) repurchase in the amount of INR 15 crore.

What Customers say about WakeFit

According to experts, a person can only evaluate a mattress’ comfort and adaptability after sleeping on it and using it for at least 14 days. A quick trip to the store won’t suffice to determine the quality. Because of this, Wake Fit offers a 100-day free trial with a 100% refund guarantee. Customers’ trust in making purchases online was boosted by the Wakefit return policy. With the help of the insights, Wakefit was able to model its organizational structure such that the pain points of the client are properly handled from the product development stage all the way through the post-sale customer experience stage.

Over 4 lakh people have joined Wakefit. co community and the company has grown thanks to more than 12,000 online reviews that are favourable. The business never made significant advertising investments. The Wakefit team’s most effective tool for steadily and sustainably growing the company has been word-of-mouth marketing. The company also promotes the value of restful sleep and health extensively online.

“Taking care of everything ourselves was hard, as was finding the right people at the right time. We found the team through referrals and LinkedIn,” said one of the co-founders of Wakefit.