Wakefit Innovations Ltd has raised Rs 186 crore ahead of its initial public offering, with Steadview Capital, WhiteOak Capital and Temasek-backed Capital 2B collectively purchasing shares through secondary transactions before the public issue opens.As revealed in a public announcement, Steadview Capital Mauritius, WhiteOak Capital and Capital 2B acquired a combined total of 95.57 lakh shares at a price of Rs 195 per share. The breakdown shows that Steadview Capital invested Rs 101 million, WhiteOak committed Rs 72 million and Capital 2B bought shares worth Rs 13 million. The shares were sold by Peak XV Partners, Redwood Trust and Verlinvest SA, with the transfers completed on December 3 and 4.Wakefit is scheduled to go public on December 15.Market sources indicate that demand for the home and furniture giant’s shares has increased to such an extent that several existing shareholders opted to sell additional shares outside of the IPO process, allowing the three new investors to join the company’s shareholder list.The momentum around the offering continued as Wakefit raised Rs 580 crore from anchor investors on December 5. The anchor book included HDFC Life Insurance, Bajaj Life Insurance, Prudential Hong Kong, 360 One, Steadview Capital, Amundi Funds New Silk Road, HDFC Mutual Fund and Axis Mutual Fund.The IPO includes a fresh issue of shares worth up to Rs 377.18 crore and an offer for sale of 4,67,54,405 shares valued at approximately Rs 912 crore, taking the total issue size to Rs 1,289 crore. The shares will be sold by promoters Ankit Garg and Chaitanya Ramalingegowda, along with Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest SA, SAI Global India Fund I LLP and Paramark KB Fund I. After the sale, the promoters’ stake is expected to fall from 43.70% to around 37%.Proceeds from the new issue will go towards business expansion and associated costs. This includes Rs 31 million for the opening of 117 new COCO-Regular stores, Rs 15.4 million for new machinery and equipment, Rs 161.4 million to cover payments related to the lease of existing stores and Rs 108.4 million for marketing and advertising efforts to improve brand visibility. The remainder will go toward general corporate needs.This activity follows Wakefit’s pre-IPO fundraising of Rs 56 crore last month from DSP India Fund and 360 ONE Equity Opportunities Fund.Founded in 2016, Wakefit has become one of the fastest growing organized furniture and home brands in India, clocking total revenues of over Rs 1,000 crore as on March 31 last year. Its offering includes mattresses, furniture and fixtures, sold through internal platforms, the company website and COCO-Stores, and external markets and multi-brand outlets.Wakefit operates on a comprehensive, vertically integrated model, handling product development, manufacturing, distribution and customer engagement in-house. It runs five manufacturing units, two in Bengaluru, two in Hosur and one in Sonipat, equipped with automated systems such as roller conveyors and robotic arms designed to improve production efficiency and minimize wastage.For the six-month period ending September 30, 2025, the company reported revenue from operations of Rs 724 crore and a profit of Rs 35.5 crore.
