EP52: 600k users & creating a Brand for Generations {Ankit Garg, Co-Founder of Wakefit}
Ever wondered what the deal was with foam mattresses? Is it better that coir? Listen in.
Ankit Garg of Wakefit is on the show this week, Wakefit is a mattress brand that has been offering Indian customers the ability to buy a mattress online and have it home delivered at a very affordable price. Bringing down the cost while making it convenient to upgrade old mattresses.
In the conversation we chat about the size of the mattress market, building a brand for generations & a lot more about mattresses!
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→ Avail a Wakefit.co discount using code: WFSTARS27 for a 27% discount on MRP and applicable to online orders on their website website only [terms: discount applicable 3rd March to 31st March only on orders above INR 1000]
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Wakefit identifies itself as a sleep and home solutions company, and has raised ₹185 crores as a part of its Series B funding in 2020 with investments from European investment firm Verlinvest & existing investor Sequoia Capital India.
The company has been profitable since inception with its revenue growing from ₹80 crore in 2018-19 fiscal to ₹199 crore in 2019-20 fiscal, as per audited financial statements. With almost 35% of the demand from tier 2 and tier 3 markets. Wakefit is playing in the furniture segment in India that is currently worth $17 billion and is growing at a compound annual growth rate of 15-17%.
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Timeline:
02:07 - Reviews on Amazon
05:36 - Iteration process
10:54 - How does customer interactions translate into products?
16:54 - When does one diversify?
19:40 - Selling a touch-and-feel product via the Internet
24:00 - What’s special about foam tech?
29:40 - Is foam mattress better than coir mattresses?
39:01 - Do mattresses need to be replaced?
40:24 - Raising funds for Wakefit
45:02 - Does depending on Amazon carries a platform risk?