Wakefit Innovations Raises $6.7M in Pre-IPO Round
Wakefit Innovations, the India-based home furniture and furnishings brand, has raised $6.7 million in a Pre-IPO funding round, pushing the company’s valuation to approximately $770 million.
The round included participation from prominent investors such as Investcorp, DSP India Fund, and 360 ONE Equity Opportunities Fund, at an issue price of around $2.35 per share.
This funding is part of Wakefit’s plan to secure $11.3 million ahead of its upcoming IPO, following regulatory approval received in October.
According to the IPO prospectus, Wakefit is targeting a total raise of $193.6 million, including a $56.4 million fresh issue allocated to expanding its retail footprint. This expansion covers the launch of 117 new company-owned and operated stores, plus one large-format store. Other proceeds will be directed toward rentals, equipment, licensing fees, marketing, and general operational needs.
The founders collectively hold 43.47% of the company. Among major institutional shareholders, Investcorp owns 9.39%, alongside Peak XV Partners, Verlinvest, and Elevation Capital.
In a parallel pre-IPO funding round, Wakefit secured $6.8 million, lifting its valuation to $776 million. In that round, DSP India Fund invested $4.9 million in exchange for over 0.66% equity, while 360 ONE Equity Opportunities Fund contributed $1.96 million for 0.26% equity at an issue price of $2.6 per share.
Wakefit is preparing for its IPO after obtaining approval from the Securities and Exchange Board of India (SEBI). The company expects to raise approximately $195 million, including a $56 million fresh issue, with the remainder offered as part of an Offer for Sale comprising around 5.8 million shares. Selling shareholders include Peak XV Partners, Redwood Trust, Verlinvest, SAI Global India Fund, and Investcorp.
The IPO is managed by leading investment banks such as Axis Capital, IIFL Securities, and Nomura Financial Advisory and Securities (India).
Wakefit plans to channel proceeds from the fresh issue towards expanding its store network, including 117 new COCO stores, one large-format outlet, and essential expenditures related to rents, equipment, marketing activities, and operational requirements—reinforcing its position as one of India’s leading D2C home furniture brands with a growing footprint across major and emerging cities.
