While the exact timeline for filing its draft red herring prospectus (DRHP) is yet to be decided, the company has initiated groundwork for the public offering. The split between fresh issue and offer-for-sale (OFS) components is also under discussion. Wakefit, which has raised over $100 million from Peak XV Partners, Paramark Ventures, and Verlinvest, is likely to use the IPO to offer exits to early investors.
Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit began with mattresses and expanded into furniture and home décor. The company grew its revenue from ₹199 crore in FY20 to ₹1,017 crore in FY24, while narrowing losses from ₹146 crore in FY23 to ₹15 crore in FY24, as per regulatory filings.
It competes with players like The Sleep Company (backed by Premji Invest), WoodenStreet (funded by Westbridge), and IKEA in the growing home solutions market.
Wakefit joins a growing list of new-age startups heading to public markets. In 2024, 13 startups—including Swiggy, Mobikwik, and Ola Electric—raised over ₹29,000 crore through IPOs. The number of IPOs is expected to rise in 2025, with 25 more startups planning listings, including high-profile names like Flipkart, Oyo, and PhonePe.
