Wakefit, the leading direct-to-consumer provider of home and sleep solutions in India, has reported an impressive 30% YoY growth with a revenue of over $825 million during the fiscal year 2022-2023 (FY23). The company’s growth can be attributed to its expansion strategy, which involves opening 22 physical locations across 15 Indian cities, making its products more accessible to customers in metropolitan and tier-2 areas.
A significant portion of Wakefit’s monthly revenue comes from offline sales, which has helped the physical stores reach the $825 crore revenue in FY23. Wakefit plans to continue using its omnichannel strategy as a key growth accelerator and intends to launch approximately 100 outlets in the next three years.
Wakefit is eyeing future profitability and aims to surpass $1 billion in revenue in FY24. The company plans to achieve this goal by expanding its product offering and reaching a wider range of customers in terms of geography and demographics.
Chaitanya Ramalingegowda, director and co-founder of Wakefit, expressed his satisfaction with the 30% YoY growth in sales, saying, “It is a testament to the immense satisfaction people have found in our products, and we look forward to serving them even better this year.” Ankit Garg, CEO and co-founder of Wakefit, added, “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.”