Individually, Steadview Capital picked up shares worth Rs 101 crore, WhiteOak invested Rs 72 crore and Capital 2B infused Rs 13 crore.These shares were purchased from Peak XV Partners, Redwood Trust and Verlinvest SA, and secondary share transfers were completed on December 3 and 4.
Following this round, Wakefit raised Rs 580 crore on December 5 from key investors including HDFC Life Insurance, Bajaj Life Insurance, Prudential Hong Kong, 360 One, Steadview Capital, Amundi Funds New Silk Road, HDFC Mutual Fund and Axis Mutual Fund.
With the anchor allotment completed, Wakefit will now launch its Rs 1,289 crore initial public offer (IPO), which will open for subscription on December 8 and close on December 10.
The company has set a price range of Rs 185-195 per share for its maiden issue, valuing the Bengaluru-based company at nearly Rs 6,400 crore. The public issue includes a fresh issue of shares worth Rs 377.18 crore and an offer-for-sale (OFS) of 4,67,54,405 shares valued at approximately Rs 912 crore, taking the total issue size to Rs 1,289 crore.
As part of the OFS, promoters Ankit Garg and Chaitanya Ramalingegowda, along with other selling shareholders – Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest SA, SAI Global India Fund I LLP and Paramark KB Fund I – will sell shares.
After the sale of the shares, the promoters’ stake will reduce from the current 43.70 percent to around 37 percent.
Wakefit proposes to use the proceeds from the new issue worth Rs 31 crore for setting up 117 new COCO-Regular Stores; Rs 15.4 crore for purchase of new equipment and machinery; Rs 161.4 crore towards expenditure on lease and sublease rentals and license fees for existing stores.
In addition, Rs 108.4 crore will be used for marketing and advertising expenses to increase brand awareness and visibility and the remaining amount will be used for general corporate purposes.
Last month, Wakefit raised Rs 56 crore from DSP India Fund and 360 ONE Equity Opportunities Fund as part of a pre-IPO funding round.
Founded in 2016, Wakefit is one of the fastest homegrown players in the home and furniture market in India among its organized peers, achieving a total income of over Rs 1,000 crore as of March 31, 2024.
It has a wide range of mattresses, furniture and upholstery, which it sells through both its own channels (consisting of the website and COCO-Stores) and external channels (including various marketplaces, such as large e-commerce platforms and multi-brand outlets).
It is a full-stack vertically integrated company, which allows it to control every aspect of business operations, from conceptualizing, designing and developing products to manufacturing, distributing and delivering customer experience and engagement.
Wakefit operates five manufacturing facilities, two of which are located in Bengaluru, Karnataka, two in Hosur, Tamil Nadu and one in Sonipat, Haryana. The facilities are equipped with imported machinery and automation technologies, such as robotic arms and roller conveyors, that streamline the production process and reduce waste.
On the financial front, Wakefit reported revenue from operations of Rs 724 crore and profit of Rs 35.5 crore for the six-month period ended September 30, 2025.
The company will make its stock market debut on December 15.
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