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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.

Peak XV-backed Wakefit reports Rs 66 Cr EBITDA in FY24

EntrackrEntrackr · 8m ago
Peak XV-backed Wakefit reports Rs 66 Cr EBITDA in FY24
Medial

Home furniture and sleep solutions company Wakefit continued its growth trajectory with a 21% year-on-year increase in operating revenue during the fiscal year ending March 2024. Notably, the Peak XV-backed company reduced its losses by 90% and achieved EBITDA positivity with Rs 65.9 crore during the same period. Wakefit’s revenue from operations increased to Rs 986.4 crore in FY24, as compared to Rs 812.6 crore in the previous fiscal year, its financial statement filed with the Registrar of Companies (RoC) shows. Wakefit's revenue was predominantly driven by the sale of products, which increased 21.47% and accounted for Rs 967.86 crore in FY24. Income from scrap sales and other minor sources also rose by 16.73% to Rs 18.49 crore during the said fiscal year. The firm’s income from interest on bank deposits surged 5.8X to Rs 19.38 crore, pushing its total revenue to Rs 1,017.33 crore in FY24. The cost of materials remained the largest expense at Rs 465 crore, contributing 45.04% of total costs. Employee benefit expenses grew by 27.3% to Rs 134.63 crore. Courier and delivery charges increased by 24.8% to Rs 82.19 crore, while advertising expenses dropped by 19.3% to Rs 77.36 crore. Other expenses added another Rs 273.2 crore in FY24. The firm’s total expenses rose by 6.9% to Rs 1,032.4 crore in FY24. In the end, Wakefit managed to decline its losses by 90% to Rs 15 crore from Rs 145 crore in FY23. Despite losses, the Bengaluru-based company achieved positive EBITDA at Rs 65.9 crore in FY24. Its ROCE and EBITDA margins improved to 0.29% and 6.48%, respectively. On a unit basis, Wakefit spent Rs 1.05 to earn a rupee of operating revenue in FY24. Its current assets grew significantly to Rs 574 crore, while its cash and bank balances were recorded at Rs 17.21 crore in FY24. According to TheKredible, Wakefit has raised a total of $105.5 million to date. Its leading investors include Peak XV Partners, Verlinvest, and SIG.

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