• Wakefit has transitioned into a public company and is set to file its DRHP, aiming to raise  Rs 1,500-2,000 crore through an IPO.
• Founded in 2016 as a D2C mattress startup, Wakefit now offers a full range of home products with an integrated supply chain.
• The company appointed five independent directors to its board, aligning with listing norms and following moves by peers like PhonePe and Razorpay.

Wakefit, a Bengaluru-headquartered home and sleep solutions company, has finally made the official transition to becoming a public company as it prepares to launch its highly awaited initial public offering (IPO).

According to regulatory filings, the board of the company has approved amending its name from Wakefit Innovations Private Limited to Wakefit Innovations Limited a requirement for firms looking to list on Indian exchanges, as per a report by Entrackr.

Started by Ankit Garg and Chaitanya Ramalingegowda in 2016, Wakefit began as a direct-to-consumer (D2C) mattress company and has expanded to become a broad range of home products such as furniture, interior decor, and home interior design solutions. Its vertically integrated supply base from in-house production to last-mile delivery enabled it to grow rapidly in India's highly fragmented furniture and home solutions market.

The firm is currently gearing up to submit its draft red herring prospectus (DRHP) and is said to be looking to mobilize  Rs 1,500–2,000 crore (around $180–240 million) by the IPO.

Following corporate governance practice among public companies, Wakefit has also added five independent directors to its board: Sudeep Nagar, Sandhya Pottigari, Aridam Paul, Gunender Kapur, and Alok Chandra Misra. This follows similar actions from other leading startups such as Amagi, PhonePe, and Razorpay, which all removed the "Private" label prior to their plans for an IPO.

Wakefit has raised more than $140 million from big-ticket investors like Peak XV Partners, Verlinvest, and South Korea's Paramark Ventures. Part of these investors are likely to exit partially in the upcoming IPO, which is a general trend within the Indian startup ecosystem.

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