Sequoia Capital invests $9mn in Wakefit
Bengaluru-based mattress maker Wakefit Innovations Pvt. Ltd has raised Rs 65 crore ($9 million) in a Series A round of funding from venture capital firm Sequoia Capital, a company statement said. The VC firm has picked up a 31.9 per cent stake in the company, the statement added. Ankit Garg, co-founder and CEO of Wakefit, said in the press note that the firm will use the capital to strengthen its manufacturing and fulfilment capabilities across the country, build its brand and hire the right talent. The company will use 10-15 per cent of the money raised to automate processes and increase production capacity at its manufacturing arm from 250 mattresses per day to 700 mattresses per day. It will also launch new products such as bed sheets fabricated with wood pulp fibres, comforters, pillows and sleepwear, the statement added. Wakefit makes mattresses, pillows and mattress protectors. It currently sells its products online and via e-commerce sites Amazon, Flipkart and Pepperfry.