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Wakefit Innovations IPO: Everything You Need to Know

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Wakefit Innovations IPO: Everything You Need to Know

India’s leading home and sleep solutions brand, Wakefit Innovations Ltd., is gearing up for a highly anticipated IPO following SEBI’s approval in October 2025. Known for pioneering the D2C (direct-to-consumer) model in the furniture and mattress segment, Wakefit’s upcoming issue marks an important milestone for the startup ecosystem, taking a nine-year-old homegrown brand from mattress markets to the mainboard of Indian exchanges.

The upcoming Wakefit IPO will feature a fresh issue worth ₹468.22 crore and an Offer for Sale (OFS) of up to 5.84 crore equity shares by existing investors. With an estimated valuation in the ₹1,500–₹2,000 crore range, the IPO aims to fund retail expansion, technology upgrades, and marketing activities while providing partial exits to early backers like Peak XV Partners (formerly Sequoia Capital) and Verlinvest.

This article covers everything Indian investors need to know about the Wakefit IPO, from structure, timeline, and investment details to business performance, financial overview, sector dynamics, and key factors to consider before investing.

Wakefit IPO Dates & Launch Details

  • IPO opening date: To be announced (expected in late October or November 2025)
  • IPO closing date: To be announced
  • Basis of allotment: To be announced
  • Refund initiation: To be announced
  • Expected listing date: To be announced

Price Band & Investment Details

  • Price band: To be announced (Face value: ₹1 per share)
  • Minimum lot size: To be announced
  • Minimum investment: To be announced
  • Maximum retail investment: To be announced

Axis Capital, IIFL Securities, and Nomura Financial Advisory are the Book Running Lead Managers, while MUFG Intime India Pvt. Ltd. is the Registrar to the offer.

Wakefit IPO Structure

Detail

Information

Issue Type

Fresh Capital + Offer for Sale (OFS)

Fresh Issue Value

₹468.22 crore

OFS Shares

5.84 crore equity shares

Promoters

Peak XV (ex-Sequoia), Verlinvest, Investcorp, SAI Global Fund

Reservations

QIB: up to 50%, NII: 15%, Retail: 35%

Listing Exchanges

BSENSE

Registrar

MUFG Intime India

Lead Manager

Axis Capital

About Wakefit

Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit began as an online mattress brand and evolved into a full-fledged home and furnishings business. It operates as one of India’s largest vertically integrated D2C brands, managing design, manufacturing, logistics, and retail, all under one roof.​

Core Product Segments:

  • Mattresses (57.5% of FY24 revenue): Memory foam, latex, orthopaedic, and hybrid models
  • Furniture (30.5%): Beds, sofas, wardrobes, tables, etc.
  • Home Décor & Essentials (12%): Cushions, linens, curtains, and accessories​

Retail & Digital Presence:

  • Over 100 experience stores across India, expected to expand to 200+ by FY28.
  • Roughly 55% of revenue comes from direct channels company website and physical stores ensuring control over price, inventory, and customer engagement.​

Wakefit’s integrated model and brand loyalty have turned it into a profitable enterprise, reporting a positive EBITDA of ₹65 crore in FY24 and achieving over ₹1,000 crore revenue, a 24% YoY growth.

Financials 

Revenue and Profit Table

Period

Revenue from Operations 

(₹ Crore)

Net Profit 

(₹ Crore)

FY ‘25 (9 months)

971.1

-8.8

FY ‘24

986.4

-15.1

FY ‘23

812.6

-145.7

FY ‘22

632.6

-106.5

 

Cash Flow Table

Period

Cash Flow from Operations 

(₹ Crore)

Free Cash Flow 

(₹ Crore)

FY ‘25 (9 months)

6.5

-26.8

FY ‘24

80.6

52

FY ‘23

-20.5

-60.3

FY ‘22

-147.6

-240.9

 

Key Highlights:

  • Wakefit’s revenue has grown steadily for four years, with 9MFY25 revenue already at ₹971 crore, nearly matching the entire FY24.​
  • Losses have narrowed sharply: net loss reduced to ₹8.8 crore in 9MFY25 from ₹145.7 crore in FY23, showing successful progress towards profitability.​
  • Margins have improved to 7.9% in 9MFY25 from deep negatives in FY23, confirming robust operational gains.
  • Cash flows from operations and free cash flow turned positive in FY24 and 9MFY25 after persistent outflows, signalling healthier working capital and cost controls.
  • The company’s ability to generate cash and cut losses amid revenue growth highlights stronger fundamentals and improved business resilience heading into the IPO.

Sector & Market Context

India’s home and furnishings market is estimated at over ₹1.5 lakh crore and growing at a CAGR of 10–12%, driven by urbanisation, digitisation, and rising discretionary spending. Furniture contributes roughly 60% of this market, while mattresses form a ₹14,000 crore segment growing at 9% annually.​

As consumers shift toward branded and ergonomic products, omnichannel players like Wakefit are gaining an edge over unorganised retailers. The IPO reflects global investor interest in India’s D2C landscape, particularly in lifestyle and consumer durable categories.

Wakefit’s efficient backward integration and brand-driven trust place it ahead of traditional competitors in scalability and cost control.

Key Considerations for Investors

Strengths

  • One of India’s top D2C brands with strong brand recall and loyal customer base.
  • Fully integrated business model  controls design to delivery.
  • Growing furniture segment diversifies revenue base beyond mattresses.
  • Profitability and efficient use of capital indicate strong fundamentals.

Risks

  • Intense competition in online and offline furniture sectors.
  • High warehouse and delivery costs can pressure margins.
  • Consumer spending patterns sensitive to economic cycles.
  • Potential dependence on advertising and discount-driven sales may affect short-term profitability.

Opportunities

  • Expanding store presence to 220+ outlets offers offline growth potential.
  • Premium furniture and digital-first segments are likely to boost margins.
  • Strong investor backing could fuel post-IPO expansion and innovation.

IPO Structure

  • The Wakefit IPO consists of two components – a fresh issue of equity shares worth ₹468.22 crore and an Offer for Sale (OFS) of up to 5.84 crore equity shares by existing shareholders.
  • The company may consider a preIPO placement of ₹93.6 crore, which could reduce the size of the fresh issuance.​
  • The IPO will be listed on both BSE and NSE, with a book-building process determining the final issue price.
  • The fresh issue funds will support Wakefit’s expansion, including opening new retail stores, marketing and advertising, technology modernisation, and general corporate purposes.

About the Company

Founded in Bengaluru, Wakefit Innovations Ltd. designs, manufactures, and retails sleep, furniture, and home decor products across India through both online and offline channels. With a mission to create affordable and ergonomic home solutions, the brand now competes at scale with major organised furniture players while retaining its D2C agility and innovation-led culture.

Conclusion

Wakefit’s IPO is not just about a young brand entering the markets; it symbolises India’s maturing D2C ecosystem. With growing revenue, profitability, and investor confidence, Wakefit is poised to become one of the most notable home and lifestyle IPOs of 2025. Investors looking at the consumer durable and retail space may find this a compelling story, provided valuations remain reasonable.

Always consider personal investment objectives and consult trusted sources before making any decisions.

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FAQ

What is the total size and structure of the Wakefit IPO?

The IPO totals ₹468.22 crore as a fresh issue, along with an Offer for Sale (OFS) of up to 5.84 crore shares by existing investors. The proceeds from the fresh issue will fund expansion and marketing, while OFS proceeds go to selling shareholders.​

Who are the key investors and promoters participating in the OFS?

The OFS includes shares sold by founders Ankit Garg, Chaitanya Ramalingegowda, and investors such as Peak XV Partners, Verlinvest, Investcorp, and SAI Global Fund.​
 

How will Wakefit use the IPO proceeds?

Funds raised will be allocated for new showroom rollouts, lease payments, manufacturing equipment purchases, brand marketing, and technology infrastructure. It will also strengthen Wakefit’s omnichannel network.

When will the IPO open and where will the shares list?

The IPO timeline has not been officially confirmed but is expected in late October or early November 2025. Shares will list on both the BSE and the NSE after allotment.​
 

How can investors apply and check allotment status for the Wakefit IPO?

Retail investors can apply through online investment platforms like m.Stock during the subscription window. Allotment status can be checked on your m.Stock account or the MUFG Intime India registrar’s website after allotment finalisation.