Wakefit, the top direct-to-consumer provider of home and sleep solutions in India, claimed a 30% year-over-year (YoY) growth, bringing in over $825 million during the fiscal year 2022–2023 (FY23).
Wakefit expanded its reach in FY23 by opening 22 physical locations across 15 Indian cities. Through this growth, the company was able to penetrate more deeply into client hubs, increasing the accessibility of its products to customers in both metropolitan and tier-2 areas. A substantial portion of the monthly revenue that comes from offline sales has been constantly rising, which has helped the physical stores reach the 825 crore revenue in FY23.
Over the following three years, Wakefit intends to keep using its omnichannel strategy as a key growth accelerator. The business intends to launch roughly 100 outlets. According to a wakefit press release, this will increase its physical presence while preserving its robust online platform.
With an eye towards future profitability, Wakefit has set a target to top $1 billion in revenue in FY24. The company intends to fuel this expansion by broadening its product offering and reaching a wider range of people in terms of geography and demographics.
“We are happy to have provided home and sleep solutions to people all around the country. According to Chaitanya Ramalingegowda, director and co-founder of Wakefit, the 30% YoY growth in sales “is a testament to the immense satisfaction people have found in our products and we look forward to serving them even better this year.”
“In 2020, we made our first entrance into the home solutions industry, and since then, we’vewitnessed 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,” said Ankit Garg, CEO and co-founder, Wakefit.
