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Home and sleep solutions brand Wakefit has officially transitioned from a private to a public limited company, a key step in its preparations for a planned initial public offering (IPO) in 2025. As per filings with the Registrar of Companies (RoC), the company has changed its name from “Wakefit Innovations Private Limited” to “Wakefit Innovations Limited.”
The Bengaluru-based startup is aiming for a valuation between ₹1,500 crore and ₹2,000 crore at the time of its IPO. It has already roped in Axis Capital, IIFL Capital Services, and Nomura as lead bankers to manage the offering.
Founded in 2016, Wakefit last raised funds in January 2023 with a ₹320 crore ($40 million) Series D round led by Investcorp. The round also saw continued backing from existing investors Sequoia Capital India, Verlinvest, and SIG.
Wakefit joins a growing cohort of Indian startups—including Zepto, Lenskart, and PhonePe—lining up for stock market debuts amid renewed investor interest in consumer-focused businesses.
Financially, Wakefit has crossed ₹1,000 crore in revenue, reflecting a 24% year-on-year growth in FY24. The company also posted an EBITDA-level profit of ₹65 crore and expects to sustain double-digit growth into FY25.
With over 100 retail outlets nationwide—16 in Bengaluru, 12 in Hyderabad, and several others across Mumbai, Pune, and Delhi—the company is ramping up its omnichannel presence. Co-founder Chaitanya Ramalingegowda said the focus will now be on product expansion and brand-building to fuel its next phase of growth.
The conversion to a public entity marks a significant milestone in Wakefit’s journey toward becoming a publicly listed company by next year.
