Ankit Garg tested demand before he launched. In 2015 he bought a few hundred mattresses and resold them on Amazon to learn the unit economics. Wakefit was incorporated in March 2016 with Chaitanya Ramalingegowda.
The two sold memory foam mattresses straight to customers and built their own manufacturing, including a plant at Hosur in 2022. In December 2018 Sequoia Capital India led a Series A of about Rs 65 crore.
In 2020 the company moved into furniture. It raised Rs 185 crore in December 2020 and Rs 200 crore in November 2021, then opened its own stores. It had 139 stores in 76 cities by March 2026.
Losses peaked at Rs 146 crore in FY23. Wakefit listed on 15 December 2025 with an IPO of about Rs 1,289 crore, and it reported a Rs 189 crore profit on Rs 1,489 crore of revenue for FY26. Shares fell 7 percent in May 2026 on margin pressure from input costs.