Wakefit: Case Study, Company Profile, Founding Members, and Many More

Introduction:

Are you also among those who wake up irritated in pain due to your incorrect sleeping posture the previous night? Well, an incorrect sleeping posture is one of the reasons for your inconvenience, but not the main reason. The fundamental reason for this cause is the Wakefit place or on which you lay down.

We cannot control our sleeping postures but choose comfortable bedding for a peaceful and pain-free sleeping time. Indians are unaware of the importance of sleep and the risk of incorrect sleeping postures. Analyzing this, the founders decided to revolutionize the market and offer cost-effective sleeping solutions.

Wakefit Company Highlights:

About Wakefit?

Wakefit is a start-up company that provides sleep solutions and helps in improving the sleeping habits of Indians. Since March 2016, the company has been operating from its headquarters in Bengaluru under Company Innovations Pvt. Ltd. It focuses on spreading the importance of quality sleep through innovative, efficient, revolutionary, and cost-effective products.

It offers genuine foams with appropriate density body contours that are cost-efficient and best quality. What is the reason for launching a new sleep solution product manufacturing company amidst the existing competition? Let us read on ahead in its formation story to find out.

Founders of Wakefit Company:

Curious to know about the inspiring minds behind the formation of the orthopedic and health cautious company? Let’s read further. Ankit Garg and Chaitanya Ramalingegowda are the founders of company. Ankit Garg is the company’s Director who has done Chemical Engineering from IIT- Roorkee.

Before starting the company, he has worked as a management trainee at Bayer Material Science for four years. In 2019, he also got featured in the Forbes 30 under 30 Young Entrepreneurs list. Today, the company manages a competent team of more than 250 employees.

Chaitanya Ramalingegowda is the co-founder of Wakefit and mentor of Ankit Garg. He has done his bachelor’s in engineering in Computer Science and MBA from Indian School of Business (ISB), Hyderabad. wakefit experience center Lucknow and Before joining the company, he has worked as an Investor, Director, Vice President, and Business Mentor.

Previously, he has provided his expertise to companies like Your Story, Neotec Hub, Lets Venture, and Purple Gull Services. During their research, the founders realized the huge information gap and lack of awareness related to the usage of mattresses.

Wakefit Success Story:

The shortcoming of one business in the same industry gives birth to another company. One of the founding members, Ankit Garg, belongs to a family owning a chemical lab that verifies the quality of the foams in the mattresses.

While inspecting, the wakefit official website and he realized many shortfalls like adulterated foams, inexpensive fillers, price variation according to the company, and different layers of foams in one package. A standard pricing scheme according to the quality, size, weight, and usage is set, which the manufacturers don’t follow.

• So, to evaluate the market and its competition, Ankit purchased a mattress for himself from a nearby furniture store.
• He found loopholes in the quality, pricing, material used, and traditional selling techniques.
• The sales representative explained the general features of the mattress and was not concerned about the importance of sleep.
• Ankit and Chaitanya decided to sell their innovative orthopedic mattress directly through Amazon.
• They manufactured their products at a centralized plant location and delivered them directly to their customer’s households.

Future Goals of Wakefit:

The central aim of the company is to allow its users to have a peaceful sleep and wake up feeling fresh, fit, and active. Keeping this ideology in mind, the company registered its brand name has the tagline stating, “The more you know, the better you sleep.” The letter K in the brand name and bright colors like blue and orange symbolizes joy, energy, and vitality. It caters to educating the public regarding the usage of health-conscious mattresses.

• The Company understands the importance of sleep and increasing cases related to incorrect and uncomfortable sleeping postures.
• It has devised affordable pricing considering orthopedic mattresses a necessity for all sections of society.
• The company emphasizes proper research, customer feedback, innovative techniques, and in-depth supervision.
• The users need to consider essential factors like foam quality, durability, and cost-effectiveness before purchasing.

Wakefit Marketing Strategies:

Isn’t it that the customers can be hesitant to buy mattresses from a newborn company? So, what is the marketing strategy that the founders formed to attract and convince the consumers to choose them over the existing companies? While purchasing the mattresses, the salesperson allows us to touch and feel them check their quality. Is it possible to test the quality and durability in just one use? No right. So, The company offers a 100-day free trial policy to its customers after placing an order.

• The company emphasizes taking frequent feedback from the customers regarding their usage of the mattress.
• It welcomes advice and suggestions from the users and keeps improving and inventing new categories.
• It is also a misconception that orthopedic and healthcare products are costly and not for the general public.
• The company eliminates this thought by manufacturing affordable and budget-friendly mattresses for middle-class families.
• Its core strategy to date is the honest and accurate feedback and suggestions of the users.

Wakefit Product Range:

The company offers a wide range of products in Home, Living, Kids, Study, Dining, Garden, Design, Mattresses, and Bedroom. The website includes beds, bedding, towels, wardrobes, pillows, cushions, drawers, dressing tables, and bedside tables. Is the wakefit mattress good and It has a bookshelf, TV units, shoe racks, sofa, recliners, cabinet, chair, coffee tables, sideboards, high chairs, dry sheets, cribs & cradles? It also offers lights, lamps, decor, ladders, a home temple, dining sets, dining chairs, dining tables, and floor furnishing. It accepts payments via VISA, net banking, MasterCard, American Express, and Cash on Delivery.

• The manufacturers are five main variants of mattresses like Baby Mattress, Foam Spring Mattress, Dual Comfort Mattress, 7-Zone Latex Mattress, and Orthopedic Memory Foam Mattress.
• It eliminates the misconception that good-quality products are available at high prices only.
• The price range of its highlight product Orthopedic Memory Foam, Mattresses, is from INR 5000/- to INR 26,000/-.
• It has delivered to more than 19000 pin codes and has factories in Pune, Chennai, Mumbai, Kolkata, Gurgaon, Bangalore, and Hyderabad.

The Wakefit Business Model:

The founders had all the knowledge and expertise needed to solve the existing loopholes. They started working by emphasizing cheap and affordable costs instead of compromising quality. The team manufactured 20 different mattresses using different materials like Foam, HR, Coir, Spring, Latex, Bonded, Memory, Bonnel Spring, Cotton, and Pocket Spring.

Each orthopedic mattress is rich in quality and thickness and has a unique cover for easy differentiation. Before selling to the large masses, the founders distributed the foam mattresses to their friends, family, relatives, and neighbors.

• The feedback received from them helped increase the range of the products and maintain their cost-effectiveness.
• After achieving the desired results, they formulated strategies and followed the D2C business model.
• It eliminates the need for dealers and resellers by delivering the products directly to the customer’s residence.
• It has an online presence on various e-commerce websites like Amazon, Flipkart, and Pepper Fry and has successfully delivered to more than 19000 pin codes in India since its existence.

Growth of Wakefit Over the years:

Initially, Wakefit started its business as a bedding manufacturer and slowly expanded its range as a home & furnishing company. Recent additions are a nursing pillow, baby bed, pet bed, and maternity bed. It has a daily sales count of 800 mattresses leading to a revenue generation of Rs. 700 crores in 2021. The company has nine factories and 22 experience centers, which use Green guard certified chemicals and has a Certi-PUR process registration. Wakefit Gurukul upskills 200+ carpenters the best sleeping solutions products to its customers.

• Instagram Link: https://www.instagram.com/wakefitco/
• Ankit Garg Linkedin Link: in.linkedin.com/in/ankitchiitr
• Chaitnya Ramalingegowda Linkedin Link: in.linkedin.com/in/chaitanyar

Wakefit Investors & Competitors:

Any company needs to know its investors and competitors to stay in the market for long. Reliable customers, healthy competition, and trustworthy investors are the pillars of any successful company. Its competitors include Cuddl, SleepyCat, Duroflex, Sleepyhead, Kurl-On, Wink&Nod, and Sunday Mattress. In Dec 2018, Sequoia Capital invested $8.72mn (INR 65 crore) for a 31% share.

Then in Dec 2020, Verlinvest, Sequoia Capital invested $25.50mn (1900 crore), following a recent massive investment of $28mn (INR 2,790 crore) by SIG and Sequoia Capital. This year, the company aims to generate total revenue of Rs 90 Crores.

Wakefit Award Collection:

Over the years, the company has accumulated many awards, achievements, and recognitions. So, let us first start with the appreciation that the founders have received to date. how to return wakefit mattresses and In 2021, Ankit Garg won the BW Business world Young Entrepreneur, Distinguished Young Alumnus, and Forbes 30 Young Entrepreneurs List. It has also won the Red Herring Asia Award, Most Admired Brand (2019), Amazon Aces Gold, Start-up of the Year (2019), and the Best Customer Service award (2019).

• The company has received many awards like the Babloo Artist Campaign in the Retail-consumer category and Best Finance Transformation Award at SAP ACE 2021.
• It also won Best Campaign in Consumer Health and Fitness, Coolest Start-Up of the Year (2018), and was Nominated finalist at the SABRE Awards South Asia (2018) for its One India One company campaign.

FAQ’s about Wakefit:

What is Wakefit Solutions all about?

Wakefit is a start-up company that provides sleep solutions and helps in improving the sleeping habits of Indians.

When did the Wakefit company come into existence?

Wakefit has been running successfully since its foundation in March 2016.

Where and under whose jurisdiction does the Wakefit company operate?

The company operates from its headquarters in Bengaluru under the company Innovations Pvt. Ltd.

Who are the founders of Wakefit Company?

Ankit Garg (Director) and Chaitanya Ramalingegowda (Co-founder) are the founding members of Wakefit.

What is the tagline of the Wakefit company?

The tagline of Wakefit is “The more you know, the better you sleep.”

What is the mission and vision of the Wakefit company?

The central aim of the company is to allow its users to have a peaceful sleep and wake up feeling fresh, fit, and active. It also works to spread awareness regarding the importance of sleep and improve sleeping postures.

What is the marketing strategy of the Wakefit company?

Wakefit offers a 100-day free trial policy to its customers to evaluate the quality, durability, and effectiveness of the mattresses before making final payments.

What type of mattresses does Wakefit manufacture and how much is its price range?

The company manufactures five main variants of mattresses like Baby Mattress, Foam Spring Mattress, Dual Comfort Mattress, 7-Zone Latex Mattress, and Orthopedic Memory Foam Mattress. The price ranges from Rs. 5000/- to Rs. 26000/-

What kind of business model does the company use to market its products?

Wakefit uses the D2C business model and has its online presence through e-commerce websites like Amazon, Flipkart, and Pepper Fry.

Who are the competitors of the Wakefit company?

Wakefit competitors include Cuddl, SleepyCat, Duroflex, Sleepyhead, Kurl-On, Wink&Nod, and Sunday Mattress.

Who all have invested in Wakefit to date?

Till now, Sequoia Capital, Susquehanna International Group (SIG), and Verlinvest Sequoia Capital have invested in the company.

Is Wakefit an Indian brand?

With its Make in India philosophy, Wakefit manufactures and sells high-quality products, making it one of the most trusted sleep solutions companies in India.

What are the benefits of the Wakefit mattress?

Wakefit’s memory foam mattress gives your body the support it needs while sleeping, as it conforms easily to the shape of your body. When your body is properly supported when you are sleeping, comfort follows naturally. Durable: When it comes to the best memory foam mattress, Wakefit is a top choice.

What are the core values for Wakefit?

Wakefit launched in 2016 and was built on the tenets of innovation, research, customer feedback, and quality supervision

What is Wakefit mattress made of?

The structure (frame) of the Wakefit bed is made up of high-quality Sheesham wood (Indian Rosewood). The bed also uses an MDF board on the inside of the frame to support the mattress.

Why is Wakefit cheap?

Without a lab or scientists, we build products through research, innovation, proper supervision, and customer feedback. Additionally, our philosophy is that good sleep is not just for rich people but for everyone and hence our mattress cost is affordable.

What is the price of the Wakefit mattress?

How long does Wakefit take to deliver?

When will my Wakefit mattress order ship? Once we’ve received the order, we process and ship your product within 3 business days.

Which side of the Wakefit mattress is best?

The experts at Wakefit suggest that you sleep on the Orthopedic Memory Foam Mattress on the white side in order to realize the benefits of the orthopedic mattresses as well as the benefits offered by the cooling technology in the CoolFit foam and those provided by the memory foam layer.

Is Wakefit mattress soft?

Opposite surfaces have an opposite feel in terms of hardness. One side provides a soft, cloud-like feeling, whereas the other side provides a medium-firm feeling that provides firm support.

Conclusion:

Wakefit today is one of the best sleeping solution companies in India. It strives to manufacture products rich in quality, cheap in price, and cure sleeping discomforts. The high-density foams and body contouring spaces in the mattresses are an added advantage in the company’s progress.

Currently, it has four warehouses in Pune, Mumbai, Bengaluru, and Hyderabad and a factory area of over 70000 sq. ft. In the future, it aims to expand its factory area, warehouses, and delivery networks and raise revenue of Rs. 1000 crores by 2023.