Bengaluru-based home and sleep brand Wakefit has officially changed its company status to a public limited entity, marking a significant step toward its much-anticipated initial public offering (IPO). This transformation from Wakefit Innovations Private Limited to Wakefit Innovations Limited was approved by the company’s board, as required by Indian market regulations for firms planning to list on stock exchanges.
Reports suggest that Wakefit is preparing to file its Draft Red Herring Prospectus (DRHP) within the next few months. The company aims to raise between Rs 1,500 crore to Rs 2,000 crore (approximately $180–240 million) through this IPO. The funding is expected to support further growth and help early investors exit partially, a common practice among Indian startups heading for public listing.
What is Wakefit
Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit started as a D2C mattress company. It later grew into a complete home and sleep solutions brand, offering furniture, home décor, and even interior design services. The company’s strength lies in its vertically integrated supply chain, which covers everything from manufacturing to last-mile delivery, enabling strong control over quality and costs.
In line with rules for publicly listed companies, Wakefit has appointed five independent directors to its board. These include Sudeep Nagar, Sandhya Pottigari, Aridam Paul, Gunender Kapur, and Alok Chandra Misra. This move mirrors steps taken by other leading startups like Amagi, PhonePe, and Razorpay, all of which dropped the “Private” tag from their names as part of IPO readiness.
Investors Backing
Over the years, Wakefit has raised more than $140 million in funding from leading investors like Peak XV Partners, Verlinvest, and Paramark Ventures from South Korea. Some of these backers are expected to partially exit during the IPO phase, helping unlock value for both the company and its investors.
With this transition to a public company, Wakefit is set to enter a new phase of growth, targeting a broader investor base and aiming to make a strong debut on Dalal Street.
