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Exclusive: Wakefit to convert into public company; appoints independent directors

EntrackrEntrackr · 2m ago
Exclusive: Wakefit to convert into public company; appoints independent directors
Medial

Wakefit, a home and sleep solutions brand, is all set to convert into a public company, marking a key milestone ahead of its planned initial public offering (IPO). According to regulatory filings, the company’s board approved a resolution to change its name from Wakefit Innovations Private Limited to Wakefit Innovations Limited. The conversion aligns with its plans to debut on Indian stock exchanges soon. As per media reports, Wakefit is preparing to file its draft red herring prospectus (DRHP) in the coming months and is eyeing to raise Rs 1,500–2,000 crore (approximately $200 million) through the public issue. In line with regulatory requirements, the company has also appointed Sudeep Nagar, Sandhya Pottigari, Aridam Paul, Gunender Kapur, and Alok Chandra Misra as independent directors to strengthen its board and governance structure as it transitions into a listed entity. Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit started as a direct-to-consumer (D2C) mattress brand and has since evolved into a broader home solutions company, offering furniture, decor, and interior design services. Its vertically integrated operations—from manufacturing to delivery—have helped it scale quickly in a highly competitive market. According to startup data intelligence platform TheKredible, Wakefit’s revenue from operations rose 21% to Rs 986.4 crore in FY24 from Rs 812.6 crore in FY23. The company also significantly narrowed its losses by nearly 90% to Rs 15 crore in FY24 from Rs 145 crore a year earlier. Wakefit has raised over $100 million (around Rs 850 crore) to date from investors such as Peak XV Partners, Verlinvest, and South Korea-based Paramark Ventures. Some of these investors are expected to partially exit through the IPO. The company competes with a mix of traditional and new-age players in India’s furniture and sleep products market, including IKEA, Pepperfry, Duroflex, SleepyCat, and WoodenStreet.

Wakefit targets to raise Rs 1,500-2,000 Cr from IPO: Report

EntrackrEntrackr · 4m ago
Wakefit targets to raise Rs 1,500-2,000 Cr from IPO: Report
Medial

Wakefit targets to raise Rs 1,500-2,000 Cr from IPO: Report Home furniture and sleep solutions company Wakefit has selected three investment banks to help with its plans to go public. According to a Moneycontrol report, the company has chosen Axis Capital, IIFL Capital Services, and Nomura to guide its initial public offering (IPO). Wakefit is expected to file draft papers for the IPO in the coming months. As per the report, the company aims to raise between Rs 1,500 crore and Rs 2,000 crore ($200 million). It has not yet decided how much will be raised through new shares and how much will be sold by current investors. So far, Wakefit has raised more than $100 million (around Rs 850 crore) from investors such as Peak XV Partners, Paramark Ventures from South Korea, and Verlinvest from Europe. Some of these early investors may sell their shares in the IPO. Wakefit started as a mattress company but later began selling other furniture like beds, tables, and chairs. As per TheKredible, Wakefit’s revenue from operations increased by 21% to Rs 986.4 crore in FY24, as compared to Rs 812.6 crore in the previous fiscal year. The firm managed to control its losses by 90% to Rs 15 crore from Rs 145 crore in FY23. Wakefit competes with companies like SleepyCat, Duroflex, Pepperfry, IKEA, and Woodenstreet in India’s furniture and sleep product market.

Exclusive: Shiprocket converts to public entity ahead of 2025 IPO

EntrackrEntrackr · 7m ago
Exclusive: Shiprocket converts to public entity ahead of 2025 IPO
Medial

Exclusive: Shiprocket converts to public entity ahead of 2025 IPO Logistics and supply chain enabler Shiprocket is gearing up for a definitive initial public offering (IPO) plan in 2025, taking its first major step toward public listing by converting it into a public entity. The board at Shiprocket has approved a resolution to change its status to a public company and rename it from “Shiprocket Private Limited” to “Shiprocket Limited”, as per its regulatory filing. The conversion into the public entity has come a month after raising $26 million in its Series E round led by KDT Ventures, with participation from MUFG Bank, Tribe Capital, and SAI Global. The company will likely raise more capital in its pre-IPO round. Shiprocket reportedly plans to raise between Rs 2,000-2,500 crore through its IPO, which will include both primary components and an offer for sale (OFS). According to media reports, the company has enlisted Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as its investment bankers for the offering. Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is a logistics and supply chain platform that enables businesses to streamline shipping through courier integration, real-time tracking, and automated solutions. Shiprocket has raised over $320 million to date and is valued at $1.21 billion. According to the startup data intelligence platform TheKredible, Bertelsmann Nederland B.V is the largest external stakeholder followed by Tribe. Zomato, Temasek, LightRock, and Paypal are other notable investors in Shiprocket. During the fiscal year ending March 2024, the company recorded a 21% year-on-year increase in revenue, reaching Rs 1,316 crore, while its losses stood at Rs 595 crore for the same period. It competes with Unicommerce which recently acquired Shipway, along with other players such as Shipyard.

Indian Furniture Market's Multifold Growth Journey

StartupTalkyStartupTalky · 1y ago
Indian Furniture Market's Multifold Growth Journey
Medial

The Indian furniture market is expected to undergo significant growth in 2024, driven by changing consumer preferences, advancements in technology, and increasing demand for innovative designs. Global manufacturers are planning strategic expansions into the Indian market, capitalizing on the rising middle class and strong economy. The online furniture market in India is also projected to expand rapidly, with estimates suggesting a tripling of shoppers by 2026. India's share in global furniture exports is relatively small but has potential for growth, especially in the US, German, and UK markets. Key rivals in the international furniture industry include China, Germany, and Vietnam. Overall, the Indian furniture sector is poised for a transformative year, marked by collaboration, sustainability, and innovation.

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