Wakefit IPO: How a Mattress Startup Is Resting Its Hopes on a December IPO

In 2016, Wakefit entered Indian homes with an unusually simple promise—better sleep shouldn’t be a luxury. Over the years, the D2C mattress and furniture brand slowly carved its space in one of the toughest consumer categories, convincing millions of Indians to buy mattresses online before buying anything else online.

Now, after nearly a decade of scaling, experimenting, expanding and navigating the complexities of omnichannel retail, Wakefit is preparing for one of its most significant milestones yet—its debut on the public markets.

And the timing says it all. As India’s new-age consumer brands inch closer to profitability and look for deeper capital pools, Wakefit has stepped forward, filing its Red Herring Prospectus (RHP) and officially setting the stage for a mid-December listing.

Wakefit IPO: What’s on the Table

The RHP reveals a two-part offering:

• Fresh issue: Up to INR 377.2 Cr

• Offer for sale (OFS): Up to 4.68 Cr equity shares

The IPO will open for subscription on December 8 and close on December 10, with anchor bidding scheduled for December 5. If all goes to plan, Wakefit’s shares are expected to debut on the bourses by December 15—a potentially significant moment for India’s D2C ecosystem.

Interestingly, the public issue has seen a revision compared to the company’s earlier DRHP. The initial plan included a fresh issue of up to INR 468 Cr and an OFS of 5.8 Cr shares. But before stepping into the IPO process, Wakefit raised INR 56 Cr through a private placement of 28.7 lakh shares at INR 195 each, reducing the size of both components.

Who’s Selling in the OFS?

A mix of founders and early investors will offload shares as part of the OFS:

• Founders: Ankit Garg, Chaitanya Ramalingegowda

• Investors: Peak XV Partners, Nitika Goel, Redwood Trust, SAI Global India Fund I, Paramark, and Verlinvest

This sell-down marks an important moment for Wakefit’s early backers, many of whom have been invested through the company’s high-growth transitions—from a mattress-only player to a full-fledged D2C furniture brand.

How Wakefit Plans to Use the Money

The company has outlined a sharply defined deployment strategy for its fresh issue proceeds:

• INR 30.8 Cr – Expansion of its offline footprint through 117 new retail stores

• INR 161.5 Cr – Leasing, sub-leasing and licence fee payments for its existing stores

• INR 15.4 Cr – Purchase of new equipment and machinery

• INR 108.4 Cr – Marketing and advertising

• Remaining funds – General corporate purposes

The message is clear: Wakefit is going all in on omnichannel expansion, tightening operational efficiency, and strengthening brand visibility—an approach that mirrors the broader D2C shift happening across India.

From Mattresses to an Omnichannel Furniture Brand

Wakefit began with one product: mattresses engineered for better sleep. Over time, this expanded to:

• Pillows

• Bed frames

• Mattress protectors

• Soft furnishings

• A growing line of furniture essentials

The company’s evolution into a multi-category home solutions brand reflects its long-term vision of becoming a one-stop shop for sleep and home comfort.

Today, Wakefit operates as an omnichannel player—selling on its online platform, through its physical retail stores, and via partnerships with large ecommerce marketplaces like Amazon and Flipkart.

Wakefit’s Financial Snapshot: Steady Revenue, Mixed Profitability

The company’s financials give a clearer picture of its scale and challenges:

H1 FY26 (April–September 2025)

• Operating revenue: INR 724 Cr

• Net profit: INR 35.6 Cr

A profitable first half of the year signals improved operational efficiency, especially as the company continues expanding its offline network.

FY25

But the previous financial year paints a mixed picture:

• Net loss: INR 35 Cr (a 2.3X jump from INR 15 Cr in FY24)

• Operating revenue: INR 1,273.7 Cr (29% YoY growth)

The revenue growth is solid, but the widened loss underlines the reality of scaling a furniture and retail-heavy business—high capital expenditure, logistics intensity and heavy marketing costs.

Wakefit’s IPO will be more than just another listing—it will be a litmus test for India’s D2C and consumer internet brands looking to tap into public markets. With consumer behaviour stabilising, offline and online channels blending seamlessly, and investors showing renewed optimism, this IPO could set the tone for future D2C listings.

For Wakefit, the public debut marks not just a financial milestone but a symbolic one—transitioning from a scrappy online mattress startup to a professionally scaled consumer brand ready for market scrutiny.

As the clock ticks towards December 8, all eyes are on Wakefit’s next chapter—and whether Indian investors are ready to bet on better sleep and better homes.