The ₹1,289 Cr Dream: Wakefit IPO Opens for Subscription

Sleep is big business. Today, Wakefit Innovations, the brand that made orthopedic memory foam cool for millennials, hit the primary markets with its IPO.

The Bengaluru-based D2C unicorn has fixed its price band at ₹185 – ₹195 per share, looking to raise a total of ₹1,289 Crore. At the upper band, the company commands a valuation of roughly ₹6,400 Crore ($760M).

The "Sleep Internship" that Paid Off

Co-founders Ankit Garg (Chemical Engineering, IIT Roorkee) and Chaitanya Ramalingegowda (MBA, ISB) started Wakefit in 2016 with a simple thesis: the mattress industry was opaque, overpriced, and ripe for disruption.

Their secret weapon wasn't just R&D (though Ankit's foam chemistry expertise was crucial); it was viral marketing. The "Wakefit Sleep Internship"—where they offered to pay people to sleep—broke the internet, generating millions in free PR and building a brand personality that legacy players like Sheela Foam couldn't match.

"We didn't just sell mattresses; we sold the importance of sleep. This IPO is a testament to the fact that Indian consumers value science-backed comfort."
— Ankit Garg, Co-Founder & CEO

Financial Health & Use of Funds

Unlike many cash-burning D2C brands, Wakefit has shown fiscal discipline. The company turned profitable in Q2 FY26 with a PAT of ₹35.6 Crore.

The fresh issue component (₹377 Cr) will be used to expand their physical footprint. While they started online-first, the future is "Phygital." Wakefit plans to open 100+ new retail stores in Tier-2 and Tier-3 cities, taking the fight directly to offline incumbents.

FounderStory Takeaway

Wakefit's listing is a milestone for the Indian D2C ecosystem. It proves that you can build a massive brand in a "boring" category by combining product innovation with storytelling. As they ring the bell on Dalal Street, they aren't just selling shares; they are selling the dream of a good night's sleep to millions of investors.