CEO and Co-founder, Wakefit.co
Q How was the last financial year for Wakefit and what are the company’s future plans in the mattress segment?
Wakefit.co clocked in revenues of Rs. 825 crores in FY 2022-23 as per the provisional unaudited financials, registering a 30 percent Y-o-Y growth compared to FY 2021-22. The organised mattress sector is witnessing rapid growth, driven by increasing awareness of sleep health and the availability of high-quality mattresses at affordable prices. By staying updated with market trends and consumer preferences, we aim to better serve our customers through product research and cutting-edge innovation.
Q What challenges did you face while operating in a D2C model?
During the first few years of our inception, the primary challenge was to build customer trust in a brand that was new in the market. The notion of shopping online for mattresses and other sleep and home solutions was a novel concept that needed awareness and education to drive customer adoption. Chaitanya, my co-founder, and I visited close to 100 customer homes personally, which helped assimilate valuable insights on customer needs, requirements, and pain points, helping us develop products and processes that would help us excel in the D2C market.
To address this challenge, we pioneered the ‘100-Day Buy and Try’ concept and roll-packing of mattresses. The ‘100-Day Buy and Try’ model for mattresses allows customers to experience our products for 100 days and return them hassle-free if unsatisfied, along with a 10-year warranty. We always aim to execute informative, quirky, and out-of-the-box campaigns that resonate with the emotions of our customers.
Q Wakefit eventually forayed into the furniture business. Please tell us about your furniture segment. What has been the contribution of the mattress segment and furniture segment to your overall revenue in FY 23?
In 2020, we forayed into the home solutions space. Since then, we have aimed to revolutionise the fragmented segments of the home solutions space and create a one-stop shop for everything home in India. Over the years, we have seen favourable growth in our home solutions line, and today, it contributes to over 25 percent of the overall revenues. The sleep solutions business still accounts for the majority of our revenue, at around 60–65 percent, with the remainder coming from our accessories business.