Bengaluru, 27 June 2025 — D2C home and sleep solutions brand Wakefit is taking a big step toward becoming a public company, having officially filed its Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering (IPO).
The IPO will comprise a fresh issue of ₹468 crore (around $55 million) and an offer for sale (OFS) of 5.84 crore equity shares, giving early backers, co-founders, and investors an opportunity to unlock value from one of India’s most prominent sleep & comfort startups.
Big Names in the OFS
Among the selling shareholders, Peak XV (formerly Sequoia Capital India) will offload the largest chunk—nearly 2.5 crore shares, accounting for 48.8% of the total OFS. Other key investors like Verlinvest and Investcorp are also trimming their stakes, with 1 crore and 54.5 lakh shares up for grabs respectively.
Co-founders Ankit Garg and Chaitanya Ramalingegowda, who built Wakefit from a single-product mattress company into a full-stack home solutions brand, will collectively offload 1.21 crore shares as part of the sale.
Cap Table Snapshot
-
Peak XV: 22.7% (largest external stakeholder)
-
Verlinvest: 9.89%
-
Investcorp: 9.39%
-
SAI Global Investment: 5.35%
-
Elevation Capital: 4.73%
-
Paramark Fund: 1.65%
-
Ankit Garg (Promoter): 33.38%
-
Chaitanya Ramalingegowda (Promoter): 10.09%
IPO Plans & Utilisation
Wakefit plans to list on both NSE and BSE, with the IPO being managed by Axis Capital, IIFL Capital, and Nomura. The company will use the net proceeds from the fresh issue for expanding its physical retail presence, acquiring leases and licenses, ramping up marketing, and meeting other general corporate expenses.
Business Snapshot
In the first nine months of FY25, Wakefit clocked in ₹971 crore in revenue but posted a net loss of ₹8.8 crore. The brand continues to lean heavily on its own online channels, contributing nearly 55% of total revenue, with the remaining coming from marketplaces and MBOs.
Mattresses still dominate Wakefit’s topline, but categories like furniture and home furnishings are catching up fast — a sign of Wakefit’s ambitions to become a full-fledged home solutions brand.
From starting as a humble mattress e-com brand to now prepping for a public debut, Wakefit’s journey is one of India’s great D2C scale-up stories — and this IPO is its next big chapter.
