Wakefit Makes a Power Move! Independent Directors & Public Listing Strengthen Future

Wakefit, a leading home and sleep solutions brand, has officially converted into a public company, marking a key milestone ahead of its planned initial public offering (IPO). The company has also appointed independent directors to enhance its corporate governance structure as it prepares to debut on the Indian stock exchanges.

 

1. Wakefit’s Transition to a Public Entity

The company’s board approved a resolution to change its name from Wakefit Innovations Private Limited to Wakefit Innovations Limited.

 

The move aligns with its IPO ambitions, with plans to raise ₹1,500–2,000 crore ($200 million) through the public issue.

 

Wakefit is expected to file its draft red herring prospectus (DRHP) in the coming months.

 

2. Strengthening Leadership with Independent Directors

Wakefit has appointed Sudeep Nagar, Sandhya Pottigari, Aridam Paul, Gunender Kapur, and Alok Chandra Misra as independent directors.

 

The appointments aim to bolster corporate governance and ensure compliance with regulatory requirements for a publicly listed company.

 

3. Wakefit’s Growth & Financial Performance

Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit started as a direct-to-consumer (D2C) mattress brand and has since expanded into furniture, decor, and interior design services.

 

The company’s revenue from operations rose 21% to ₹986.4 crore in FY24, up from ₹812.6 crore in FY23.

 

Wakefit significantly narrowed its losses by nearly 90%, reducing them to ₹15 crore in FY24 from ₹145 crore a year earlier.

 

4. IPO Plans & Market Competition

Wakefit has raised over ₹850 crore ($100 million) from investors, including Peak XV Partners, Verlinvest, and South Korea-based Paramark Ventures.

 

Some of these investors are expected to partially exit through the IPO.

 

The company competes with IKEA, Pepperfry, Duroflex, SleepyCat, and WoodenStreet in India’s furniture and sleep products market.

 

Sources: Entrackr, Tech Story, IPO Watch