Wakefit Achieves EBITDA Profitability in FY24, Reports 24% Revenue Growth to INR 1,017 Cr

Bengaluru-based D2C furniture and mattress startup Wakefit has reported achieving EBITDA profitability for the first time in four years, with a profit of INR 65 Cr for the fiscal year 2023-24 (FY24). The startup also posted a 24% increase in revenue, reaching INR 1,017 Cr during the fiscal.

Wakefit’s co-founder and CEO, Ankit Garg, highlighted that returning to profitability reflects the resilience of their business model and operational efficiency. Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit offers an array of sleep and home-related products such as mattresses, pillows, bed frames, and sofas. Since inception, it has served over 8.5 million customers and expanded its portfolio to include home decor, lighting, and furnishings.

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With 80 stores across 26 cities, Wakefit plans to scale its offline presence by increasing the store count to 120 within the next six months. The startup also aims to continue investing in brand-building efforts, as it witnessed a 40% increase in brand awareness during FY24.

Despite suffering losses in FY23, including a net loss of INR 146 Cr, the company’s turnaround in profitability is seen as a significant milestone as it gears up for further growth and expansion.