Business

Wakefit may close FY20 with ₹200-cr. revenue

Firm to invest in technology, achieve scale

In India, the world’s second most sleep-deprived country after Japan [according to a 2016 report by Fitbit], new age firm Wakefit Innovations Pvt. Ltd., which is enabling individuals to get quality sleep through its scientifically developed affordable products, is finding traction.

In a highly-fragmented sleep industry wherein traditional companies have focused on creating mattresses, Wakefit has created a difference by researching on the science behind sleep and developing mattresses and pillows that are enabling people to get proper sleep.

As a result, the company, which started in 2016 with its own manufacturing unit in Bengaluru, has been growing threefold year-on-year and is expected to close FY20 with a revenue of ₹200 crore, which is projected to grow to ₹400 crore in FY21. From the beginning it has been profitable.

According to studies Indians sleep for around 6.55 hours or less per day which is far less compared with people in Europe and America.

‘The Great Indian Sleep Scorecard,’ compiled by Wakefit in 2019 after taking to over 16,000 responses, has shown that almost 1 in 5 Indians suffer from insomnia and 90% people wake up at least 1-2 times a night.

While the benefits of sleep have been well known, lack of sleep has far more dangerous consequences, including risk of obesity and heart disease.

Owing to the uneven distribution of pressure when adopting the wrong sleep postures, individuals can experience back pain, neck pain or even hip issues. So, the necessity of having the right kind of mattress that ensure the body is well-supported even during the movements of sleep, said Chaitanya Ramalingegowda, co-founder and director, in an interview.

He said people must avoid alcohol, coffee and electronic gadgets before going to bed in order to have sound sleep.

While foam mattresses are used to enhance the quality of sleep, it is memory foam that is recommended to enjoy a restful and uninterrupted night's sleep.

“Memory foam mattresses take the shape of the body when a person lies down on it, thereby enabling equal distribution of pressure across the mattress. This, in turn, increases blood circulation and enhances the quality of sleep,” Mr. Ramalingegowda said.

Today, the online-only company delivers to every pin code in India through its own online platform as well as through Amazon, Flipkart and Pepperfry. Almost four lakh customers have been serviced over three years.

“As the we expand, we will be investing in technologies that will improve production efficiencies as well as achieve scale at a rapid pace,” Mr. Ramalingegowda said.

“New product portfolios and variations in existing portfolios are key elements to our expansion plans,” he added.

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Printable version | Feb 26, 2020 11:33:04 AM | https://www.thehindu.com/business/wakefit-may-close-fy20-with-200-cr-revenue/article30414105.ece

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