Wakefit Attracts ₹186 Crore Funding from Steadview, WhiteOak and Capital 2B as It Prepares for IPO

Home and furnishings brand Wakefit Innovations Ltd has raised ₹186 crore from three institutional investors — Steadview Capital, WhiteOak Capital and Temasek- and InfoEdge-backed Capital 2B — ahead of its upcoming initial public offering.

According to a public disclosure, the investors collectively acquired 95.57 lakh equity shares at ₹195 per share, valuing the Bengaluru-headquartered company at nearly ₹6,400 crore.

Individually, Steadview Capital invested ₹101 crore, WhiteOak deployed ₹72 crore, and Capital 2B infused ₹13 crore. The shares were purchased in a secondary transaction from Peak XV Partners, Redwood Trust and Verlinvest SA, with transfers completed on December 3 and 4.

This funding follows Wakefit’s successful ₹580 crore anchor book, raised on December 5 from marquee domestic and global investors including HDFC Life Insurance, Bajaj Allianz Life, Prudential Hong Kong, 360 One, Amundi Funds New Silk Road, HDFC Mutual Fund and Axis Mutual Fund.

Wakefit has set a price band of ₹185–195 per share for its maiden share sale. The IPO comprises:

Fresh issue: up to ₹377.18 crore

Offer for sale (OFS): 4,67,54,405 shares valued at around ₹912 crore

bringing the total issue size to ₹1,289 crore.

Promoters Ankit Garg and Chaitanya Ramalingegowda, along with other shareholders including Nitika Goel, Peak XV Partners, Redwood Trust, Verlinvest SA, SAI Global India Fund I LLP and Paramark KB Fund I, will offload stakes through the OFS. Post-listing, promoter ownership will reduce to ~37% from 43.7%.

Use of Funds

From the fresh issue, Wakefit plans to deploy:

₹31 crore for 117 new COCO stores
₹15.4 crore for equipment and machinery
₹161.4 crore toward lease and license payments for existing stores
₹108.4 crore for brand visibility and advertising
Remaining funds for general corporate purposes

The company recently raised ₹56 crore from DSP India Fund and 360 ONE Equity Opportunities Fund in another pre-IPO round.

Founded in 2016, Wakefit has emerged as one of India’s fastest-growing home and furnishings brands, crossing ₹1,000 crore in total income as of March 31, 2024. It offers mattresses, furniture and home furnishings across its own online and offline channels as well as leading marketplaces.

A vertically integrated manufacturer, Wakefit operates five facilities — two each in Bengaluru and Hosur, and one in Sonipat — using automation technologies like robotic arms and roller belts to streamline production.

For the six months ended September 30, 2025, the company reported ₹724 crore in operating revenue and ₹35.5 crore in profit. Wakefit’s shares are scheduled to list on the stock exchanges on December 15.