Latest news with #ChaitanyaRamalingegowda
Time of India
16-07-2025
- Business
- Time of India
The Wedding Company raises $1 million to digitise wedding services
BENGALURU: Wedding planning startup The Wedding Company has raised $1 million in a pre-seed funding round led by LVX (formerly LetsVenture) and Tremis Capital, with participation from Wakefit cofounder Chaitanya Ramalingegowda, Delhivery COO Ajith Pai and Dropbox cofounder Arash Ferdowsi. Tired of too many ads? go ad free now Founded in 2023 by Pawan Gupta and Rahul Namdev, the co-founders of Y Combinator-backed matrimony platform The Wedding Company operates a full-stack platform for booking and managing wedding services across categories such as venues, décor, photography, catering and logistics. The company reported Rs 60 crore worth of service orders on its platform, managing more than 1,000 weddings across eight cities so far. According to the founders, monthly service bookings have grown 100 times in two years, now exceeding Rs 10 crore, with net monthly revenue crossing Rs 1 crore. The funding will be used to expand into new cities, invest in product and technology, and build a broader network of vendor partners. The company is targeting India's highly fragmented $130 billion wedding services market, aiming to bring structure and reliability to what it describes as an unorganised and operationally complex industry. 'Weddings in India are large, emotional, and logistically complex,' said Pawan Gupta, cofounder of The Wedding Company. 'While the market is massive, there is no trusted brand managing fulfillment at scale.' Investor Ramalingegowda said the company was addressing a high-friction, high-value use case in a large consumer category, adding that the team's 'execution velocity and market insight' were key differentiators.
Time of India
15-07-2025
- Business
- Time of India
The Wedding Company raises $1 million pre-Seed round
a wedding planning and fulfillment platform, announced today that it has raised $1 million in a pre-seed funding round from a group of marquee investors. The round was led by LVX (previously LetsVenture), Tremis Capital, with participation from other notable angels, including Chaitanya Ramalingegowda Wakefit cofounder, Ajith Pai Delhivery COO, and Arash Ferdowsi Dropbox cofounder. The funds will be used to expand operations into new cities, invest in product and technology, and build a strong vendor partner network to standardize wedding service delivery at scale. The Wedding Company is building India's first tech-enabled wedding planning platform streamlining the $130B unorganized wedding market. From venues and photography to décor, catering, and logistics The Wedding Company delivers superior customer experience by offering reliable professional wedding services across all key categories without pinching customer's pocket. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Undo Launched in 2023, The Wedding Company has already fulfilled ₹60 Cr (~$7.2M) worth of wedding service orders, managing 1,000+ weddings across 8 cities. In just 24 months, monthly order bookings have scaled 100x, surpassing ₹10 Cr in service orders and ₹1 Cr in net monthly revenue — making The Wedding Company as one of the fastest-growing startups in the category. 'Weddings in India are large, emotional, and logistically complex,' said Pawan Gupta, co-founder of The Wedding Company (YC, MIT alum). 'While the market is massive, there is no trusted brand managing fulfillment at scale. TWC is building tech-led, quality-assured, and operationally deep digital wedding planning and fulfilment experience' Live Events 'We believe The Wedding Company is solving a high-friction, high-value problem in one of India's largest consumer categories,' said Chaitanya Ramalingegowda, Wakefit cofounder. 'The team's execution velocity and market insight stood out.'
Time of India
30-06-2025
- Business
- Time of India
Wakefit seeks 468 crore in IPO, major backers plan partial exit
Bengaluru: Sleep and home solutions brand Wakefit Innovations has filed draft papers with market regulator Sebi to raise Rs 468 crore through a public offering. The Bengaluru-based company's initial public offering (IPO) will consist of a fresh issue of shares worth Rs 468 crore and an offer for sale (OFS) of up to 5.8 crore equity shares by existing shareholders, according to its draft red herring prospectus (DRHP) dated June 26. Promoters Ankit Garg and Chaitanya Ramalingegowda will offload a portion of their holdings in the OFS, along with several institutional backers including Peak XV Partners, Verlinvest, Investcorp, and Paramark KB Fund. Peak XV plans to sell up to 2.5 crore shares, while Verlinvest and Investcorp funds will offload a combined 61 lakh shares. Other participating investors in the OFS include SAI Global, Redwood Trust, and Nitika Goel, chief marketing officer at Zinnov. The company may consider a pre-IPO placement of up to Rs 93.6 crore. If undertaken, the size of the fresh issue will be reduced accordingly. According to the DRHP, Wakefit intends to use the net proceeds from the fresh issue to fund capital expenditure, marketing and brand-building activities, and general corporate purposes. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru Founded in 2016, Wakefit began as a direct-to-consumer mattress company and has since expanded into a broader home solutions brand, offering furniture and home decor through its online and offline distribution network. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Tiny Hearing Aid Is Now Available To Test for Free AudioNova Undo It operates five manufacturing facilities across Karnataka, Haryana, and Tamil Nadu. For the nine-month period ended December 2024, Wakefit reported operating revenue of Rs 971 crore and a loss of Rs 8.8 crore. In FY24, the company posted Rs 986 crore in revenue and a net loss of Rs 15 crore, compared to a loss of Rs 145 crore in the 2022-23 financial year.
Time of India
27-06-2025
- Business
- Time of India
Wakefit Innovations files draft papers with Sebi; seeks to raise ₹468 crore via fresh issue
NEW DELHI: Home and furnishings company Wakefit Innovations Ltd has filed preliminary papers with markets regulator Sebi , seeking its approval to raise funds through an initial public offering (IPO). The proposed IPO of the Bengaluru-based company is a combination of a fresh issue of equity shares aggregating up to Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore equity shares by the selling shareholders, according to the draft red herring prospectus (DRHP) filed on Thursday. As part of the OFS, the promoters -- Ankit Garg and Chaitanya Ramalingegowda and other selling shareholders -- Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Opportunity Fund and Paramark KB Fund I will be offloading shares. Wakefit proposes to utilise the proceeds from the fresh issue worth Rs 82 crore for setting up of 117 new COCO -- Regular Stores and one COCO -- Jumbo Store; Rs 15.4 crore towards purchase of new equipment and machinery; Rs 145 crore for expenditure for lease and sub-lease rent and license fee payments for existing stores. Additionally, Rs 108.4 crore will be used towards marketing and advertisement expenses for enhancing the awareness and visibility of the brand and the remaining amount will be used for general corporate purposes. Also, the company may consider a Pre-IPO Placement aggregating up to Rs. 93.6 crore. If such placement is undertaken, then the fresh issue size will be reduced. Wakefit, which was incorporated in 2016 is among the fastest homegrown players in the home and furnishings market in India. It has a wide range of mattresses, furniture, and furnishings which it sells through both own channels and external channels (including various marketplaces, such as major e-commerce platforms and multi-branded outlets). It is a fullstack vertically integrated company, enabling it to control every aspect of operations, from conceptualizing, designing and engineering products to manufacturing, distributing and providing customer experience and engagement. Wakefit operates five manufacturing facilities of which two are situated in Bengaluru, Karnataka, two at Hosur, Tamil Nadu, and one at Sonipat, Haryana. Wakefit reported revenue from operations of Rs 986.3 crore in FY24. Axis Capital, IIFL Capital Services and Nomura Financial Advisory and Securities (India) Private Ltd are the book-running lead managers to the issue. The equity shares of the company are proposed to be listed on the BSE and the NSE.
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Business Standard
27-06-2025
- Business
- Business Standard
Wakefit to raise ₹468 crore via IPO; plans to expand Coco stores
Wakefit Innovations Ltd, India's largest direct-to-consumer (D2C) home and furnishings brand, has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI), laying the groundwork for an initial public offering (IPO). The Bengaluru-based company plans to raise up to Rs 468.2 crore through a fresh issue of equity shares, according to the filing. The offering also includes a secondary sale of 58.4 million shares by existing shareholders, marking a partial exit for the company's founders and early backers. Promoters Ankit Garg and Chaitanya Ramalingegowda will participate in the offer for sale (OFS), along with a clutch of institutional investors, including Peak XV Partners, Verlinvest SA, Investcorp funds, Redwood Trust and Paramark KB Fund I, among others. Among the company's promoters, co-founder Ankit Garg holds the largest individual stake at 33.38 per cent, with fellow co-founder Chaitanya Ramalingegowda owning 10.09 per cent. Peak XV Partners is the company's largest external shareholder, holding a 22.7 per cent stake. Verlinvest and Investcorp follow with 9.89 per cent and 9.39 per cent, respectively. SAI Global Investment owns 5.35 per cent, while Elevation Capital and Paramark Fund hold 4.73 per cent and 1.65 per cent, respectively. Wakefit proposes to utilise the net proceeds from the fresh issue towards capital expenditure worth Rs 82 crore for setting up 117 new Coco (company-owned, company-operated) regular stores and one Coco jumbo store; and Rs 15.4 crore towards capital expenditure for the purchase of new equipment and machinery. It will use Rs 145 crore for lease, sub-lease rent and licence fee payments for existing stores. About Rs 108.4 crore has been allocated towards marketing and advertisement expenses for enhancing brand awareness and visibility. The remaining amount will be used for general corporate purposes. The company may consider a pre-IPO placement aggregating up to Rs 93.6 crore prior to the filing of the red herring prospectus with the Registrar of Companies. If the pre-IPO placement is undertaken, the fresh issue size will be reduced accordingly. Founded in 2016, Wakefit has grown into a major player in India's online mattress and home solutions segment, riding a wave of consumer shift towards digital-first brands, analysts say. The IPO will test public appetite for high-growth, loss-moderating consumer start-ups, as Indian equity markets continue to see strong investor interest. Wakefit is a fast-growing domestic player in the home and furnishings market in India, and among organised peers to achieve a total income of more than Rs 1,000 crore as of March 31, 2024. It offers a wide range of mattresses, furniture and furnishings through both its own channels (including its website and Coco stores) and external channels (such as major e-commerce platforms and multi-branded outlets). It is a full-stack, vertically integrated company, enabling it to control every aspect of operations—from conceptualising, designing and engineering products to manufacturing, distributing, and delivering customer experience and engagement. Wakefit operates five manufacturing facilities—two in Bengaluru, Karnataka, two in Hosur, Tamil Nadu, and one in Sonipat, Haryana. Its facilities are equipped with imported machinery and automation technologies, such as robotic arms and roller belts, which streamline the production process and reduce waste. The firm reported revenue from operations of Rs 986.3 crore in FY24 and Rs 971 crore for the nine-month period ended December 31, 2024. India's home and furnishings market is broadly classified into three key categories—furniture, mattresses, and furnishings and décor, experts say. The market is estimated to be approximately Rs 2.8 lakh crore as of calendar year 2024 and is projected to grow at a CAGR of 13 per cent to reach Rs 5.9 lakh crore by calendar year 2030, fuelled by the growth of organised retail, rising online dominance and premiumisation. Axis Capital Ltd, IIFL Capital Services Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd are the book running lead managers to the issue. The equity shares of the company are proposed to be listed on the BSE and NSE.
