Wakefit, a Bengaluru-based mattress and furniture manufacturer, achieved a 24% year-over-year revenue increase, reaching Rs 1,017 crore for the financial year ending 31st March 2024. The company also announced a return to profitability, posting EBITDA of Rs 65 crore after being profitable in its first four years of operation.

The company’s reported operating revenue was approximately Rs 985 crore in FY24, an increase from Rs 813 crore in the previous year.

Co-founder Chaitanya Ramalingegowda credited the revenue growth to the company’s strengthened omnichannel presence, with mature stores, new outlets opening, and the advantages of an automated mattress factory.

Chief Executive Ankit Garg stated that Wakefit initially focused on value-for-money furniture for young consumers aged 25-30 but now offers a broader range aimed at married families aged 25 to 50, featuring more classical and detailed designs.

Since entering offline retail in 2022, Wakefit has opened around 80 stores in 26 cities and plans to expand to 120 stores within the next six months.

Ankit Garg noted that retail stores have significantly contributed to revenue over the past 18-24 months, with current retail stores accounting for 30% of total revenue and marketplaces contributing around 20-30%.

Wakefit is targeting a 30% revenue increase for 2024-25. It will focus on expanding its product range, enhancing its omnichannel presence, and continuing investments in brand-building initiatives.

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