Pillow talk: Wakefit secures Rs 185 cr from top investors

The Series-B round also saw participation from existing investor, Sequoia Capital India, a statement said.

“The investment is expected to further boost Wakefit.co’’s penetration into non-metro areas of the country, with additional Capex investment in machinery, manpower addition and factory setups on the cards. Technology and marketing bandwidth are also expected to see a significant boost within the company, to help capture India’’s thriving home and furniture market,” it added.

As part of the funding round, the company has also instituted an employee stock option plan (ESOP) buyback worth Rs 15 cr for the benefit of early employees. It is also adding another 40-50 employees into the ESOP pool. The funding will also accelerate growth with the company targeting revenue of Rs 1,000 cr by FY 2023. It has grown rapidly and profitably with revenue growing from Rs 80 crore in FY2019 to Rs 199 crore in FY 2020. For FY21, the company aims to touch Rs 450 crore in revenue.