The firm goals to deploy the newest round of funding to penetrate into newer markets and foster product innovation.
Bengaluru-based sleep and residential commodities startup Wakefit.co has raised Rs 185 crore Series B funding led by the European funding agency Verlinvest and present investor Sequoia Capital India. The firm goals to deploy the newest round of funding to speed up the corporate’s strategic growth to newer markets, foster product innovation, and leverage know-how to deepen its shopper-first method.
Its valuation has jumped to Rs 1,900 crore from Rs 210 crore in December 2018, when the startup raised Rs 65 crore from Sequoia Capital. As a part of the funding round, the corporate has additionally instituted an Employee Stock Ownership Plan (Esop) buyback value Rs 15 crore for the good thing about early staff. It can even add one other 40-50 staff to its Esop pool. Following this round, the founders will proceed to carry greater than 50 p.c stake and round 6-7 p.c shall be held by staff underneath the Esop scheme. Sequoia will proceed to carry 31.9 p.c with the remaining being held by Verlinvest.
Ankit Garg, CEO and Co-Founder of Wakefit.co commented on the Series B funding round and mentioned in the press assertion, “The investment consolidates Wakefit.co’s position as the fastest-growing D2C brand in India. Given that the company has been profitable from an early stage – a rarity in the startup world – our focus has always been on high growth while maintaining strong business fundamentals. Our product innovation and customer-centric DNA has enabled us to achieve our growth targets year-on-year. The latest funding round will help us touch more lives and penetrate deeper into the Indian market.”
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