Bengaluru, 27 June 2025 — As Wakefit inches closer to its public market debut, co-founders Ankit Garg and Chaitanya Ramalingegowda have further strengthened their equity positions. According to the company’s Draft Red Herring Prospectus (DRHP), the duo was allotted 26 lakh equity shares via a rights issue, just ahead of the IPO.
This strategic move signals the founders’ long-term confidence in the business as it prepares for its listing on the NSE and BSE.
In a parallel development, Elevation Capital, one of Wakefit’s existing backers, acquired 2.03 lakh shares from Wakefit employees through secondary transactions. These shares were purchased at ₹1,600 apiece, valuing the transaction at ₹32.5 crore. The fund chose not to participate in the offer for sale (OFS), indicating a long-term view on the brand’s growth trajectory.
This pattern isn’t new in the Indian startup ecosystem. Earlier this week, Pine Labs CEO Amrish Rau was similarly granted shares ahead of the company’s DRHP filing—underscoring a broader trend where key leadership is given additional equity ahead of public listing plans.
Founded in 2016, Wakefit has grown into one of India’s most prominent D2C home and sleep solution brands, with a strong footprint across digital and offline channels. Its product lineup includes mattresses, pillows, furniture, and home improvement goods.
As per its financials in the DRHP, Wakefit clocked ₹971 crore in revenue for the first nine months of FY25, posting a net loss of ₹8.8 crore. Despite the red ink, the company’s brand strength and D2C-first model remain compelling to institutional investors.
The company aims to raise ₹468 crore through a fresh issue, alongside an OFS of 5.84 crore shares involving several major stakeholders including Peak XV, Verlinvest, SAI Global, Redwood Trust, and others.
With both founder confidence and investor interest reaffirmed through equity activity, Wakefit’s IPO journey appears to be on solid footing.
