City has seen a significant rise in demand for sleep, home solutions products of late
Sleep and home-solutions startup Wakefit.co has announced the setting up of a factory in Hyderabad to bolster its manufacturing capabilities and help cater to growing consumer demand in the region.
Spread across 30,000 sq.ft. and entailing an investment of ₹5 crores, the facility in Medchal-Malkajgiri district will make sofas and furniture products. Hyderabad is among the top five focus cities for Wakefit.co and witnessed a significant rise in demand for sleep and home solutions products in the last few months, a release from the company on Monday said.
CEO and co-founder Ankit Garg said, “Ever since we have set up our infrastructure presence in the city, our order volume has increased significantly reducing delivery time in and around Hyderabad.”
Besides catering to a growing market, the Hyderabad factory is expected to help the company achieve its target of ₹450 crore revenue this fiscal. It had closed the last financial year with revenues of around ₹200 crores. Conceived as an online sleep solutions company in 2016, Wakefit.co entered the home solutions segment over the last 18 months.
It is planning to further strengthen its manufacturing capabilities as well as in-house research and development across the country and will set up additional factories in Pune, Delhi, and Bengaluru, besides Hyderabad. Its product portfolio in the sleep solutions range includes mattresses, beds, mattress protectors, pillows, comforters, bedsheets, neck pillows, and back cushions, while the home solutions range consists of study tables, bookshelves, bedside tables, coffee tables, TV units, sofas, shoe racks, wardrobes, and dining tables, the release said.
