SUMMARY
- Wakefit has announced that it achieved an EBITDA profit of Rs 65 crore in FY24.
- The company reported a 24% increase in its revenue, reaching Rs 1,017 crore in FY24.
- The company aims to intensify its brand building efforts to support its next phase of growth.
Bengaluru-based D2C furniture and mattress company, Wakefit, announced that it achieved an EBITDA profit of Rs 65 crore in FY24.
This achievement marks Wakefit’s return to profitability after a four-year stretch of losses. Additionally, the company reported a 24% increase in its revenue, reaching Rs 1,017 crore for the fiscal year under review.
However, Wakefit did not disclose its profits or losses for the fiscal year.
Cofounder and CEO of Wakefit, Ankit Garg said, “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. 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.”
Established in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit offers a variety of products related to sleep and home living, including mattresses, pillows, bed frames, mattress protectors, sofas, study tables, bookshelves, shoe racks, and television sets.
Since its launch, the company has served over 8.5 million customers. It has also secured over $148 million in funding from investors such as Investcorp and Peak XV.
To broaden its product range, Wakefit has ventured into home decor, lighting, and furnishings, bringing its catalog to over 100 categories.
In addition to its online platform, Wakefit distributes its products through retail outlets and e-commerce platforms like Flipkart and Amazon. Looking ahead, Wakefit plans to enhance its physical presence, aiming to increase its store network from 80 to 120 stores across 26 cities in the next six months.
The Peak XV-backed company has achieved profitability in the fiscal year following a downturn in losses during FY23. Wakefit reported a net loss of Rs 146 crore in FY23, a 37% increase from Rs 107 crore loss recorded in FY22.
In FY23, its revenue from operations stood at Rs 813 crore, marking a 28% increase from the previous fiscal year. However, its total expenses rose by 30% to Rs 965.6 crore in FY23 from Rs 743.5 crore in FY22.
Material costs were the primary factor driving up expenses in FY23. Additionally, the company spent Rs 95.9 crore on brand building in FY23, a 57% rise from the previous year.
As a result, Wakefit reported a nearly 40% increase in “top of mind awareness” in FY24. The company aims to intensify its brand building efforts to support its next phase of growth.
