In a move that smacks more of precision warfare than passive investing, Elevation Capital has swooped in to grab 2.03 lakh Wakefit shares through secondary transactions—just ahead of the D2C juggernaut’s IPO launch. At INR 1,600 per share, that’s INR 32.54 crore dropped with conviction, not caution. This wasn’t a soft pat on the back—it was a neon sign: Elevation’s doubling down when most would hedge.
Wakefit, now armed with a freshly filed DRHP with SEBI, is aiming to scoop up INR 468 crore through fresh issuance, plus a chunky 5.8 crore shares up for grabs via an Offer for Sale. Elevation? Not selling a single slice. Message received: they’re not here for the short-term sugar rush.
The capital’s destined for a full-blown offline invasion—117 stores, marketing blitzes, and a deeper stake in India’s sleep economy. Wakefit’s story—from its 2016 roots with founders Ankit Garg and Chaitanya Ramalingegowda to clocking INR 971 crore revenue in FY25’s first three quarters (despite a modest INR 8.8 crore net loss)—reads less like a startup timeline and more like a blueprint for sustainable scale.
This isn’t fluff. This is Wakefit’s arc laid bare—raw, relentless, and ready for the public markets. For founders, operators, and investors tracking India’s consumer-tech pulse, this isn’t just a headline—it’s a masterclass.
1. Introduction to Wakefit and the Pre-IPO Share Acquisition
1.1 Background of Wakefit
Launched in 2016, Wakefit wasn’t content selling mattresses—it wanted to rewire India’s relationship with sleep. Sidestepping clunky middlemen and legacy stores, it launched with a laser-sharp D2C model. Today? It’s an omnichannel forcefield—commanding brand recall and customer loyalty in equal measure.
1.2 Elevation Capital’s Secondary Share Purchase
Now, flash-forward to 2025: Elevation scoops up 2.03 lakh shares—but not from the company. From employees. That’s not an investor dipping a toe—that’s a cannonball into the deep end. Secondary deals like this offer early liquidity, sure, but more importantly—they’re tea leaves. And Elevation’s reading says: Wakefit’s gearing up for a breakout.
1.3 IPO Plans and DRHP Filing
Wakefit’s DRHP wasn’t a whisper—it was a war cry. INR 468 crore in fresh equity, a massive OFS run, and zero signs of slowing down. 117 new stores aren’t a guess—they’re a tactical play in a market where offline retail is still a kingmaker. Wakefit’s not just participating—it’s coming for the throne.
2. Wakefit’s Business Model and Revenue Streams
2.1 Direct-to-Consumer (D2C) Approach
Why zig through a fragmented retail jungle when you can zag straight to the customer? Wakefit nailed this early. No fluff. No middle layers. Just direct, seamless selling—online and now, offline too. A stunning 68.8% of revenue flows in from digital avenues. The rest? Brick-and-mortar that’s punching above its weight.
2.2 Product Range and Innovation
With 3,000+ SKUs, Wakefit’s not tossing out random products. Each new launch feels deliberate—an answer to consumer friction. From ergonomics to materials to design tweaks backed by user data, there’s thought baked into everything. It’s not just selling things—it’s engineering lifestyle upgrades.
2.3 Revenue Model and Financial Performance
Yes, there’s a loss—INR 8.8 crore over nine months in FY25. But zoom out. Wakefit’s hauling in INR 971 crore in that same period. FY24? INR 986.3 crore in revenue with INR 15 crore in losses. It’s burn—but strategic. The kind that signals scale, not struggle.
3. Founders and Leadership
3.1 Founding Team
Ankit Garg and Chaitanya Ramalingegowda weren’t tourists in the startup world—they were architects. Business acumen, tech savvy, and a freakish obsession with quality formed the trifecta that shaped Wakefit. They didn’t just steer strategy—they got their hands dirty. Still do.
3.2 Board and Governance
IPO readiness isn’t just about filings—it’s about optics and structure. Wakefit’s board shuffle is no checkbox exercise. With names like Arindam Paul and Alok Chandra Misra onboard, they’re telegraphing seriousness. Transparency, governance, checks and balances—the whole maturity toolkit.
4. Industry Trends and Competitive Landscape
4.1 Growth of the D2C Sector in India
D2C in India? It’s blowing up. Consumers are done with half-baked retail experiences—they want speed, clarity, and choice. Wakefit’s model—tech-fueled, data-rich, convenience-first—is exactly what this new cohort demands.
4.2 Competitors in the Sleep and Furniture Space
This isn’t an empty field. Sleepwell. Duroflex. The Sleep Company. Kurlon. It’s noisy, brutal, and competitive. But Wakefit’s edge? A deft blend of digital mastery and offline muscle. A rare combo. And it’s working.
4.3 Venture Capital and Funding Landscape
D2C funding in India is molten-hot. Investors are betting big on brand-led growth—and Wakefit’s already raised over $100 million. But this IPO? It’s not just about fresh cash. It’s the liquidity moment every early believer’s been waiting for.
5. Wakefit’s Journey: From Startup to IPO Candidate
5.1 Early Days and Initial Funding
Wakefit’s pitch, back in the beginning, was starkly clear: Kill the showroom, deliver great sleep. That clarity made it easy to fund. The early capital wasn’t just oxygen—it was jet fuel. It built depth before chasing width.
5.2 Scaling Up and Market Expansion
By 2023, Wakefit wasn’t some niche ecomm player—it was a brand with gravity. Its omnichannel play clicked. Stores were packed, carts were full. Every expansion was backed by solid data and sharper instincts.
5.3 Pre-IPO Preparations and Market Readiness
Come 2025, Wakefit’s done rehearsing. Founders picked up 2.6 million shares via rights issue—a quiet confidence move. And the DRHP? That’s the green flag for public scrutiny. They’re ready to be judged. And they’re not flinching.
6. Significance of Elevation Capital’s Share Acquisition
6.1 Secondary Transactions and Market Confidence
Elevation’s INR 32.54 crore investment wasn’t just capital—it was a confidence cannon. These moves don’t happen unless you believe the best is yet to come. It’s a message, loud and strategic: Elevation is seeing value where the market’s just warming up.
6.2 Why Elevation Capital Chose Not to Participate in OFS
Here’s where it gets telling: Elevation isn’t cashing out even a single share. They bought quietly, and they’re holding tight. That’s not FOMO—that’s foresight. They’re betting that the IPO is just the first act in a much bigger show.
7. Learning for Startups and Entrepreneurs
Tons to unpack here:
- Double Down on Product: Wakefit didn’t wander—it went deep, not wide.
- Don’t Shun Offline: Omnichannel isn’t optional. Wakefit nailed the balance.
- Governance = Growth: Clean boards build real trust.
- Let Employees Win Early: Secondary exits can be morale rocket fuel.
- Scale Requires Spotlight: If you’re going big, your brand has to go loud.
Conclusion
Elevation Capital’s pre-IPO share grab isn’t a footnote—it’s a flashing signpost. Wakefit’s journey—from scrappy online upstart to IPO-ready powerhouse—is the kind of narrative that rewrites what’s possible in Indian consumer-tech. And with the public markets now in view, one thing’s for sure: Wakefit isn’t hitting snooze. It’s just getting started.
About Foundlanes
At foundlanes.com, parroting press releases isn’t our game. We pry, question, cross-check, and occasionally ruffle feathers. This Wakefit deep-dive? Just one shard of our obsession with dissecting India’s chaotic, brilliant startup engine—from messy cap tables and late-night pivots to high-stakes boardroom showdowns and founder quirks no pitch deck mentions. If you’re building, backing, or simply addicted to the adrenaline of what’s brewing next, welcome. This is your rabbit hole. Plug in, but don’t expect to come out the same.