Wakefit.co has crossed the Rs 1,000 crore revenue mark, by recording Rs 1,017 crore for FY 2023-24. This marks a year-on-year revenue increase of 24% from FY 2022-23. The company, which was EBITDA profitable for the first four years of its operations, marked its return to profitability this year, with an EBITDA of Rs 65 crore. Wakefit.co will continue chasing double digit growth for FY 2024-25 and focus on expanding its product categories, doubling down on omnichannel expansion, and continue investing in brand-building initiatives.
Sharing his views on the company’s growth, Chaitanya Ramalingegowda, Co-founder & Director, Wakefit.co, said, “Crossing the INR 1000 crore revenue milestone marks a significant achievement for us and reflects the immense trust that our customers have placed in us. Our 24% year-on-year growth underscores our commitment to delivering innovative and high quality products while staying attuned to the evolving needs of Indian households. As we look ahead, we are confident that our strategic focus on product category expansion, omnichannel retail growth, and continued brand building will help us sustain this momentum and drive double-digit growth in the coming year.”
Ankit Garg, Co-founder & CEO, Wakefit.co, added, “Returning to profitability with an EBITDA of INR 65 crore is a testament to the resilience of our business model and the efficiency of our operations. This milestone reflects the disciplined financial management we have implemented while continuing to invest in areas that fuel growth. As we prepare for the next phase, we will focus on sustaining this profitability while scaling our business, ensuring that our long-term growth trajectory remains strong.”
Expansion of Product Categories: Wakefit.co has expanded into home decor, lighting, furnishings, and more, to complement its existing sleep and furniture categories. It has ramped up its portfolio to over 100+ categories and 6000+ SKUs. The launch of the AI-powered sleep solutions range, Zense, also marks Wakefit.co’s entry into SleepTech, helping the company address prominent white spaces in the market. It aims to continue building depth and width within each category, to cater to a wide customer base. In its endeavor to become a one-stop-shop for all home needs, robust category expansion is set be a major lever to drive growth in the next few years.
Omnichannel Expansion: Consumer trends have shown that retail stores have a significantly higher AOV (Average Order Value) and customers have a deeper engagement with the brand. As customer research journeys and buying behaviours have evolved, Wakefit.co believes that an omnichannel strategy is crucial to cater to customers across various touchpoints. Since its foray into offline retail in 2022, the company now operates over 80 stores across 26 cities, and plans to increase this to 120 stores steadily in the next 6 months.
Brand Building: With a strong focus on building a brand that adds value to the lives of its audience, Wakefit.co aims to reach deeper pockets of the country with its marketing and brand building initiatives. In comparison to the previous year, the company’s top of mind awareness grew by nearly 40% this year. The company will continue to invest in the brand while also ensuring financial prudence to fuel its next stage of growth