Direct-to-consumer brand Wakefit has raised Rs 320 crore in a Series D round led by Bahrain-based alternative investment firm Investcorp.

Other existing investors Sequoia Capital India, Verlinvest and SIG also participated in the round, the company said in a press statement.

In 2021, Wakefit raised Rs 200 crore in its last funding round led by Susquehanna International Group.

Wakefit director and co-founder Chaitanya Ramalingegowda told Moneycontrol that the startup plans to open 100 stores in 20 cities in the next 24 months. The funding will also be used for product innovation and customer focus.

Additionally, the funds will be used to enhance manufacturing and supply chain capabilities, increase hiring across levels, and strengthen brand-building programs. The brand plans to pilot it in the Middle East before expanding there.

The company, founded by Ankit Garg and Ramalingegowda, sells mattresses, furniture and accessories. Furniture accounts for 25% of the company’s total revenue.

“In the last financial year, we had a revenue of Rs 636 crore. In March this year, we were targeting a revenue of Rs 900 crore,” Ramalingegowda said. He added that the brand targets a revenue of Rs 1,200 crore by FY2024.

“The Series D financing is critical to our growth journey as we expand our presence in India. This round will strengthen our position in the home and sleep solutions and allow us to expand our manufacturing and supply chain capabilities,” said CEO and co-founder Ankit Garg. -Founder of Wakefit.

Wakefit’s funding comes when the D2C industry is starting to consolidate. This week, roll-up e-commerce startup GOAT Brands Labs acquired lifestyle brand Chumbak and four other brands. In November, Aditya Birla Group’s house of brands, TMRW, acquired the D2C brand Bewakoof and eight other lifestyle brands for Rs 200 crore.