EP52: 600k users & creating a Brand for Generations starting on Amazon {Ankit of Wakefit}

Stars & Startups

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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→ Go Subscribe to the Newsletter via stars.substack.com so that you can receive future podcast releases delivered to your inbox!

→ Full episode of the podcast is available on my YouTube Channel

→ 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%.

Do spread the word!

- V { Twitter @varunvummidi }

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?