Bengaluru: Wakefit Innovations Limited, India’s largest direct-to-consumer (D2C) home and furnishings company by revenue in FY24, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise capital through an Initial Public Offering (Wakefit Innovations IPO).
The Wakefit Innovations IPO will comprise a fresh equity issue aggregating up to ₹468.2 crore and an Offer for Sale (OFS) of 5.84 crore shares by promoters and existing investors, including Ankit Garg, Chaitanya Ramalingegowda, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S A, and Investcorp Funds, among others.
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Wakefit Innovations IPO proceeds will be utilized for the following key initiatives:
- ₹82 crore for establishing 117 new COCO (company-owned, company-operated) regular stores and one jumbo-format store
- ₹15.4 crore for capital investment in new machinery and equipment
- ₹145 crore toward lease, sub-lease rent, and license fee payments for existing stores
- ₹108.4 crore for brand marketing and advertising to boost visibility
- Remaining funds to be used for general corporate purposes
Founded in 2016, Wakefit has rapidly scaled to become the fastest homegrown player in India’s organized home and furnishings market to surpass ₹1,000 crore in total income by FY24.
The company generated ₹986.3 crore in revenue for FY24 and ₹971 crore during the nine-month period ending December 2024.
Wakefit operates through multiple channels, including its official website, COCO retail outlets, major e-commerce platforms, and multi-brand stores.
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The company owns five manufacturing facilities – two in Bengaluru, two in Hosur, and one in Sonipat – equipped with advanced automation systems like robotic arms and roller belts, enabling efficient production and waste reduction.
Axis Capital, IIFL Capital Services, and Nomura Financial Advisory and Securities are the Book Running Lead Managers (BRLMs) to the issue. The equity shares are proposed to be listed on NSE and BSE.
