Mattress brand Wakefit converts into public entity as it prepares for IPO launch: Report

Wakefit, the Bengaluru-based home and sleep solutions brand, has reportedly transitioned into a public company as it moves closer to its planned initial public offering (IPO). 

According to regulatory filings, the company’s board approved a resolution to change its legal name from Wakefit Innovations Private Limited to Wakefit Innovations Limited—a mandatory step for entities preparing to list on Indian stock exchanges, Entrackr reported.

Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit began as a direct-to-consumer (D2C) mattress startup before expanding into a broader range of home products including furniture, decor, and interior design services. The company operates a vertically integrated supply chain—from in-house manufacturing to last-mile delivery—which has allowed it to grow rapidly in India’s highly fragmented furniture and sleep products market.

According to multiple media reports, the company is now preparing to file its draft red herring prospectus (DRHP) in the coming months and is reportedly looking to raise between Rs 1,500 crore to Rs 2,000 crore (approximately $180–240 million) through the IPO.

To align with corporate governance norms applicable to listed companies, Wakefit has appointed five independent directors to its board: Sudeep Nagar, Sandhya Pottigari, Aridam Paul, Gunender Kapur, and Alok Chandra Misra. The development aligns with the moves made by other elite startups approaching Dalal Street, including Amagi, PhonePe, and Razorpay, all of which dropped the “Private” designation from their legal names earlier this year.

Wakefit has raised over $140 million from investors including Peak XV Partners, Verlinvest, and South Korea-based Paramark Ventures. Some of these investors are likely to partially exit through the IPO, which is a common practice in the Indian startup landscape.