Wakefit.co has raised Rs 185 crore in Series B funding, led by European investment firm Verlinvest and Sequoia Capital India, which had earlier invested in its Series A funding round about two years ago. As part of this funding round, Wakefit.co is offering its employees a Rs 15 crore share buy-back scheme. It is also planning expand its Employee Stock Ownership Plan (ESOP) pool by 40 to 50 employees.
The sleep and home solutions company, which was valued at Rs 210 crore two years ago, is now valued at Rs 1,900 crore, with Sequoia Capital putting in Rs 65 crore.
With these funds, the Company will expand into new markets, invest in innovation and latest technology to offer the best to its customers.
The founders will continue to hold over 50 per cent stake, while about six to seven per cent will be held by employees under the ESOP scheme. Sequoia will hold 31.9 per cent stake, while the remaining will lie with Verlinvest.
The Company , which has factories in Delhi, Bengaluru, Pune, Hyderabad and Jodhpur, is chasing a goal of Rs 1,000 crore revenue by 2023. It will focus on expanding its customer base in tier 2 and tier 3 cities.