In Short:
Wakefit.co, a mattress and home solutions brand, has achieved over ₹1000 crore in revenue with a 24% growth in FY24. The company is profitable at the EBITDA level and aims for net profitability by fiscal year-end. It’s expanding into furniture and home décor, focusing on brand growth and plans to increase its stores to 120.
Wakefit.co Celebrates a Major Milestone with ₹1000 Crore in Revenue!
Exciting news from the world of **Mattress and Home Solutions**! **Wakefit.co** has just achieved a remarkable milestone by surpassing the ₹1000 crore revenue mark for the financial year 2024. This impressive feat comes with a vibrant 24% growth compared to the previous year, showcasing the company’s strong performance and increasing popularity.
Back in the Earnings Game!
Not only has Wakefit.co hit this revenue target, but the company has also returned to profitability at the **EBITDA** level, raking in an impressive ₹65 crore. According to **Chaitanya Ramalingegowda**, the Director and Co-founder, the goal is to achieve net profitability by the end of the current fiscal year. Now, that’s a goal to cheer for!
Looking Ahead: Double-Digit Growth on the Horizon
The outlook for Wakefit.co remains bright. The company anticipates continued growth in double digits this year as it concentrates on expanding its product range, enhancing its omni-channel presence, and investing in brand-building efforts.
From Mattresses to Full Home Solutions
After dedicating its first three years to mastering the art of mattress making, Wakefit.co boldly ventured into the furniture market just before the pandemic struck. “Today, we proudly call ourselves a complete home solutions company,” Ramalingegowda explained. The recent months have seen the company dive deeper into **home décor** and **living** products.
The Core Product Remains Strong
While mattresses continue to be Wakefit.co’s bread and butter, the company is determined to expand into a more comprehensive portfolio of home products. With the **furniture category** blooming at a staggering 35-40% growth rate, the potential seems limitless!
Unlocking the Potential of an Unorganised Market
Ramalingegowda pointed out that a significant portion of the mattress market remains unorganised, presenting a fantastic opportunity for them to transform customer shopping habits and encourage customers to explore innovative products. Who wouldn’t want a little more comfort at home?
Store Expansion on the Way!
Currently, Wakefit.co proudly operates over 80 outlets across 26 cities, all of which are **EBITDA-positive**. The company has plans to add more stores but is taking a measured approach towards expansion, aiming to reach 120 outlets by the end of this fiscal year.
As Wakefit.co continues to grow and innovate, it’s clear that the future is bright for this dynamic brand. Cheers to new beginnings and milestone achievements!
