Ankit Garg and Chaitanya Ramalingegowda built Wakefit into one of India's fastest-growing D2C sleep and home solutions brands.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy.
Quick-Facts Bio Box
Ankit Garg: B.Tech, Chemical Engineering, IIT Roorkee; Occupation: Co-founder and CEO, Wakefit; Years active: 2016-present; prior career: management trainee, Bayer Material Science; first venture (foam manufacturing) failed after four years (StartupTalky).
Chaitanya Ramalingegowda: Occupation: Co-founder and Director, Wakefit; Years active: 2016-present; prior career: management consulting for Fortune 500 companies; two earlier failed ventures (Forbes India).
Table of Contents
- Introduction
- The Wakefit Story
- Business Model
- How Wakefit Makes Money
- Funding History
- Revenue and Recent Challenges
- Wakefit vs Competitors
- Current Role and Recent Moves
- Key Takeaways
- FAQs
Introduction
Ankit Garg and Chaitanya Ramalingegowda, both second-time entrepreneurs after earlier failures, founded Wakefit in March 2016 with just ₹50,000 to fix India’s overpriced, low-innovation mattress industry. The Bengaluru company grew into a vertically integrated home and sleep solutions brand and listed on the NSE and BSE on December 15, 2025.
The Wakefit Story
Garg, a chemical engineer from IIT Roorkee who worked at Bayer Material Science, understood the foam industry’s true costs and realized mattresses sold at inflated prices with no real product innovation (StartupTalky). He began experimenting with the idea in December 2014 while still employed, and after a year of validation, launched Wakefit with Ramalingegowda, a former Fortune 500 management consultant, in March 2016 (YourStory).
Early traction was difficult: customers didn’t trust an unknown online mattress brand, so the founders introduced a 30-day free trial to overcome that barrier (Forbes India). Revenue grew from ₹6.75 crore in FY17 to ₹80 crore in FY19, but the company struggled to attract venture capital during this period despite profitable scaling. It later hit a difficult stretch: FY21 revenue of ₹409 crore jumped to ₹813 crore by FY23, but losses also grew sharply to ₹146 crore that year, driven partly by a new furniture factory taking longer than expected to reach efficiency. The founders refused to lay off staff even during the toughest year, when the company’s survival was genuinely in question.
Business Model
Wakefit operates a vertically integrated, omnichannel model, manufacturing mattresses, furniture, and home decor across five factories in Bengaluru, Hosur, and Sonipat, and selling through its own website, Amazon, and a growing network of Company-Owned Company-Operated (COCO) stores, 98 as of December 2024 (IPO Central).
How Wakefit Makes Money
Revenue comes primarily from direct sales of its own manufactured products, which contributed over 97 percent of operating income in 9M FY25, led by mattresses at roughly 62 percent of total revenue (Outlook Business).
Funding History
| Round | Year | Amount | Investors |
|---|---|---|---|
| Series A | — | ₹65 crore | Sequoia Capital (now Peak XV) |
| Series D | Feb 2023 | ₹320 crore | Investcorp |
| Pre-IPO placement | Nov 2025 | ₹56 crore (₹6,408 crore valuation) | DSP India Fund, 360 ONE |
| IPO | Dec 2025 | ₹1,288.89 crore | Fresh issue ₹377.18 crore + OFS ₹911.71 crore |
Wakefit raised over $145 million (roughly ₹7,750 crore equivalent across rounds and debt) before listing, with Peak XV (22.7%), Verlinvest (9.9%), Investcorp (9.4%), and Elevation Capital (4.7%) as the largest institutional shareholders pre-IPO (Startupro News).
Revenue and Recent Challenges
Revenue from operations grew 29 percent to ₹1,273.7 crore in FY25 from ₹986.35 crore in FY24, with EBITDA up 38 percent to ₹90.83 crore (Business Standard). Despite this, FY25 net loss widened to ₹35 crore from ₹15 crore in FY24. The company turned a corner in H1 FY26, posting ₹724 crore in revenue alongside its first profitable half-year, a net profit of ₹35.5 crore (Business Standard).
Wakefit vs Competitors
| Company | Position | Notes |
|---|---|---|
| Sheela Foam (Sleepwell) | Listed legacy mattress major | Closest listed benchmark peer |
| Urban Ladder | D2C furniture and home | Direct competitor in furniture category |
| SleepyCat, Kurl-On | Mattress-focused D2C and legacy brands | Compete directly in core mattress category |
Wakefit’s IPO is being benchmarked most closely against listed peer Sheela Foam, given both companies sell mattresses at scale, though Wakefit’s D2C-first, vertically integrated model differentiates it from Sheela Foam’s more traditional distribution-led approach.
Current Role and Recent Moves
Ankit Garg continues as CEO and Chaitanya Ramalingegowda as Director following the December 2025 listing; both partially sold shares in the IPO’s offer for sale alongside Peak XV, Verlinvest, and Investcorp. Post-IPO, promoters together retained the largest holding at roughly 43.5 percent. Wakefit is directing fresh-issue proceeds toward 118 new COCO stores and marketing to deepen its presence in Tier 2 and Tier 3 markets.
Key Takeaways
- Garg and Ramalingegowda, both second-time entrepreneurs, launched Wakefit in 2016 with just ₹50,000 and no VC backing for years.
- A 30-day free trial helped the company overcome early distrust of an unknown online mattress brand.
- Wakefit listed on the NSE and BSE on December 15, 2025, raising ₹1,288.89 crore.
- FY25 revenue grew 29 percent to ₹1,273.7 crore, with the company turning its first profitable half-year in H1 FY26.
- Sheela Foam (Sleepwell) is Wakefit’s closest listed competitive benchmark.
FAQs
Who founded Wakefit?
Ankit Garg and Chaitanya Ramalingegowda, in March 2016.
Has Wakefit gone public?
Yes, it listed on the NSE and BSE on December 15, 2025.
Is Wakefit profitable?
It turned profitable in H1 FY26 after posting losses in FY24 and FY25.
How much funding did Wakefit raise before its IPO?
Over $145 million across multiple rounds from Peak XV, Verlinvest, Investcorp, and Elevation Capital.
Who are Wakefit’s main competitors?
Sheela Foam (Sleepwell), Urban Ladder, SleepyCat, and Kurl-On.
Are the founders still involved?
Yes, Garg remains CEO and Ramalingegowda remains Director post-listing.
What is Wakefit’s business model?
A vertically integrated D2C home and sleep solutions brand selling through its own manufacturing, website, and COCO retail stores.
© The Founder Nation | Written by TFN Research Desk
