Wakefit converts to public limited company in its run up to 2025 IPO

Ahead of its IPO debut, mattress and home solutions brand Wakefit. co has converted its name from “Wakefit Innovations Private Limited ” to “Wakefit Innovations Limited,” according to a Registrar of Companies (RoC) filing from Tofler.

The Bengaluru-based startup had earlier initiated plans to launch its IPO in 2025, targeting a valuation of ₹1,500 to ₹2,000 crore. It had appointed Axis Capital, IIFL Capital Services and Nomura as bankers for its IPO

The company’s most recent funding was in January of 2023, where it raised ₹320 crore ($40 million) in a Series D round. The round was led by Investcorp, with participation from existing investors Sequoia Capital India, Verlinvest and SI.

Wakefit is among the list of start-ups, which includes PhonePe, Zepto, Lenskart and others, that are targeting listings in India’s exchanges.

Wakefit’s revenue had crossed ₹1,000 crore, marking a 24 per cent increase from FY23. It has also achieved profitability at the EBITDA level at ₹65 crore and had expected growth to continue in double digits in FY25.

The company plans to expand its range of products on offer, its omni-channel reach and invest in brand-building initiatives, according to Chaitanya Ramalingegowda, Director and Co-founder, Wakefit, who spoke to businessline in September of last year.

According to its website, Wakefit. co operates over 100 outlets nationwide, including 16 in Bengaluru, 12 in Hyderabad, and six each in Mumbai, Pune and Delhi.

(Report filed by Bl intern Rohan Das)

Published on June 9, 2025