Operating revenue during FY24 was around Rs 985 crore, up from Rs 813 crore in the previous year, it said.
Wakefit cofounder Chaitanya Ramalingegowda attributed the increase in revenue to the company’s focus on strengthening its omnichannel presence, with some stores reaching maturity and a new wave of outlets opening, along with the benefits of an automated mattress factory.
“Earlier, when we started the furniture category, we had all the products built from a value-for-money perspective, mainly for early-age consumers between 25-30 years old or very young couples. Today, a larger part of the catalogue is being built from the perspective of a married, settled family, ranging in age from 25 to 50,” chief executive Ankit Garg told ET. “This means a lot of classical and very detailed designs. I think that is a significant change in the portfolio we have made.”
The company entered offline retail in 2022 and now has around 80 stores across 26 cities. It aims to expand to 120 stores within the next six months.
“Over a period of the last 18-24 months, we have seen a significant amount of revenue being contributed from retail stores,” said Garg.
Discover the stories of your interest
Currently, 30% of the revenue comes from the company’s retail stores while marketplaces contribute around 20-30%, he said. Founded in 2016, the Peak XV-backed company initially focused on sleep products such as mattresses, pillows and bed frames. Over time, it expanded its portfolio to include a wide range of home products including sofas, dining sets, wardrobes, study tables and bookshelves.
Wakefit is targeting a 30% increase in revenue in 2024-25, according to Garg. It will focus on expanding its product range, enhancing its omnichannel presence and continuing its investment in brand-building initiatives, he said.
The company last raised $40 million in a funding round led by Investcorp in January 2023.
