Wakefit.co, a home and sleep solutions start-up, has concluded a Series C fund raising of ₹200 crore ($28 million), led by SIG, a global trading and investment firm headquartered in Pennsylvania (US).

Sequoia Capital India and Verlinvest participated in this round as existing investors.

Fund deployment

The funding will bolster Wakefit.co’s omni-channel expansion plans and will be deployed to boost supply chain and logistics management, technological enhancement, increase marketing spends and hiring across all levels in the months to come.

The Series C funding comes within a year of its Series B round, where the company raised ₹185 crore from Verlinvest and Sequoia Capital India.

With over 45 per cent of its revenue coming from beyond the top 8 cities, the company plans to cater to the increasing demand by continuing its focus on R&D and expanding product lines to include lighting, decor, furnishings and more in addition to its sleep and furniture products.

Ankit Garg, CEO and Co-Founder of Wakefit.co said, “The infusion comes at a strategic point in time for us as we drill down on large-scale expansion across the country. As the number one sleep player in India (online), we are aiming to replicate our success in the home and furnishings space too. The Series C round will help us broaden our category offerings, as well as create avenues for deeper geographical penetration.”

Chaitanya Ramalingegowda, Director and Co-Founder of Wakefit.co said, “We are extremely grateful to SIG for believing in our vision, and are delighted that our existing investors have extended a show of confidence by investing additional funds in the company. The Series C round is an important inflection point for us, as we target aggressive expansion plans in the years to come.”

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