Furniture and Home Decor Startup Wakefit Records Rs 66 Cr EBITDA in FY24

Manvendra HadaDecember 7, 2024

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Three points you will get to know in this article:

Wakefit’s revenue from operations climbed to Rs 986.4 crore in FY24, up from Rs 812.6 crore the previous year.
Wakefit’s income was primarily generated by product sales, which climbed 21.47% and totalled Rs 967.86 crore in FY24.
Wakefit reduced its losses by 90% to Rs 15 crore from Rs 145 crore in FY23.

Wakefit Releases Impressive FY24 Results, Operating Revenue Increase 21% YoY

Wakefit, a home furnishings and sleep solutions company, continued its growth trajectory with a 21% year-on-year increase in operating revenue for the fiscal year ending March 2024. Notably, the Peak XV-backed company decreased losses by 90% while achieving EBITDA positivity of Rs 65.9 crore within the same period.

Wakefit’s revenue from operations climbed to Rs 986.4 crore in FY24, up from Rs 812.6 crore the previous year, according to its financial statement submitted with the Registrar of Companies (RoC).

Wakefit’s income was primarily generated by product sales, which climbed 21.47% and totalled Rs 967.86 crore in FY24. During the fiscal year, income from scrap sales and other small sources increased by 16.73% to Rs 18.49 crore.

The company’s interest on bank deposits income increased by 5.8 times to Rs 19.38 crore, bringing its total revenue to Rs 1,017.33 crore in FY24.

Wakefit’s Losses, Expenditures, Costs

Material expenditures remained the greatest expense at Rs 465 crore, accounting for 45.04% of total costs. Employee benefit spending increased by 27.3%, reaching Rs 134.63 crore. Courier and delivery prices rose 24.8% to Rs 82.19 crore, while advertising expenses fell 19.3% to Rs 77.36 crore.

Other expenses accounted for another Rs 273.2 crore in FY24. The company’s overall expenses increased by 6.9% to Rs 1,032.4 crore in FY24.

In the end, Wakefit reduced its losses by 90% to Rs 15 crore from Rs 145 crore in FY23. Despite losses, the Bengaluru-based company generated positive EBITDA of Rs 65.9 crore in FY24. Its ROCE and EBITDA margins increased by 0.29% and 6.48%, respectively.

Wakefit’s Unit Economics, Total Funding So Far

Wakefit cost Rs 1.05 per unit to generate one rupee of operating revenue in FY24. Its current assets increased dramatically to Rs 574 crore, while its cash and bank balances stood at Rs 17.21 crore in FY 24.

According to TheKredible, Wakefit has raised a total of $105.5 million thus far. Peak XV Partners, Verlinvest, and SIG are among the company’s top investors.