In an extraordinary feat, Wakefit, India’s foremost direct-to-consumer home and sleep solutions provider, has proudly announced a staggering 30% year-on-year (YoY) growth, propelling the company to generate an impressive revenue of approximately ₹825 crore in the fiscal year 2022-23 (FY23).
Fueling this monumental success story is Wakefit’s strategic expansion into the physical realm. During FY23, the trailblazing brand cemented its presence by launching a remarkable 22 brick-and-mortar stores across 15 cities in India. This bold move allowed Wakefit to penetrate deep into customer hubs, offering its exceptional products to consumers in both metropolitan and tier-2 cities. The resounding triumph of these physical stores played a pivotal role in achieving the remarkable ₹825 crore revenue in FY23, with offline sales steadily contributing to an increasing percentage of the monthly revenue.
Wakefit’s ingenious omnichannel strategy will continue to serve as a crucial driver of growth over the next three years, as the company envisions the opening of nearly 100 stores nationwide. By enhancing its physical presence while maintaining its robust online platform, Wakefit aims to solidify its market position and cater to a wider demographic.
With an unwavering commitment to future profitability, Wakefit has set an ambitious goal to surpass the monumental ₹1000 crore revenue mark in FY24. To achieve this extraordinary feat, the company plans to expand its product portfolio, ensuring an even wider range of home and sleep solutions for its loyal customers. Moreover, Wakefit aims to extend its reach to new geographies and demographics, effectively establishing itself as an undisputed market leader in the home and sleep solutions category.
Expressing his elation, Chaitanya Ramalingegowda, Director and Co-founder of Wakefit, stated, “We are delighted to have served customers across the nation with our home and sleep solutions offerings. The 30% YoY growth in revenue is a testament to the immense satisfaction people have found in our products, and we look forward to serving them even better this year.”
Echoing the sentiment, Ankit Garg, CEO and Co-founder of Wakefit, added, “We forayed into the home solutions market in 2020 and, since then, have witnessed rapid growth in those categories. FY23 further solidifies our position in the home and sleep solutions industry. This growth has been possible due to the continued support our customers have shown us. This year, our focus will be on pursuing our goal to become a market leader in the home and sleep solutions category.”
With its exceptional growth trajectory and commitment to customer satisfaction, Wakefit continues to revolutionize the home and sleep solutions market in India. As the company sets its sights on surpassing the ₹1000 crore revenue milestone in FY24, consumers can anticipate an even wider range of innovative products that redefine comfort and redefine their lives.