Wakefit IPO: 117 stores by FY28; FY25 ₹1,274 cr

What changed for Wakefit in 2025

Wakefit Innovations has stepped up its offline retail push ahead of a planned initial public offering (IPO) expected in the current calendar year. In the first 10 months of 2025, the home and sleep solutions brand opened 32 new stores, taking its total store count to over 130, according to PTI. The store rollout is positioned as a core growth lever after years of scaling through a direct-to-consumer (D2C) playbook.

The company sells through its own website and app as the primary D2C channel, alongside major e-commerce platforms such as Amazon and Flipkart. It also operates a growing offline footprint, with earlier disclosures citing 98+ stores across 26 cities. By September 2025, it operated 125 physical company-owned, company-operated (COCO) stores, and later in 2025 the count moved above 130.

A sharper tilt toward offline as a capital priority

Wakefit’s Draft Red Herring Prospectus (DRHP) frames offline expansion as a strategic response to growth opportunities in the markets it serves. The company stated that it plans to “strategically increase our presence offline” to build on its expansion. The approach includes COCO regular stores of varied sizes, tailored to specific catchment areas and covering categories such as mattresses, furniture, and furnishings.

Post-IPO, the most significant capital deployment highlighted is accelerated offline retail expansion. The company’s target included reaching 130 stores by the end of FY25, with 40% of new stores planned in Tier-2 cities such as Indore, Jaipur, Coimbatore, Vadodara, and Lucknow. The thrust is also aimed at smaller towns and underserved pockets of metros.

The FY27-FY28 store rollout plan

Wakefit plans to open 117 additional COCO regular stores by FY28. The split shared in filings and reports is 67 stores in FY27 and 50 in FY28. The proposed expansion spans a mix of large and mid-sized markets, with cities named including Mumbai, Noida, Bengaluru, Ghaziabad, Bhubaneshwar, Lucknow, Gurgaon, Tumkur, Vizag, Kozhikode, Thanjavur, Ambala, and Sonipat.

Separately, Wakefit has disclosed that it plans to expand to 220 stores by the end of FY28. As of September 2025, it operated 125 physical COCO stores. The company’s 2025 store openings and the FY27-FY28 plan together underline a shift from an online-first brand into an omnichannel retailer built around company-owned stores.

Where Wakefit is selling and who it serves

Wakefit’s distribution mix spans owned digital channels, marketplaces, and offline COCO stores. Its own website and app remain the primary D2C channel, while Amazon and Flipkart extend reach across categories and price points. Offline stores are positioned as experience-led touchpoints supporting higher-consideration purchases such as mattresses and furniture.

In terms of consumer footprint, Wakefit primarily serves urban Indian consumers in Tier-I and Tier-II cities. It reported presence across 19 states and 2 union territories, with reach in 700+ districts as of September 2025. This breadth is being paired with store expansion into Tier-2 locations, aligning with its stated focus on smaller towns and underserved areas.

IPO structure and use of proceeds for retail expansion

Wakefit’s IPO is expected to include a fresh issue of equity shares aggregating up to ₹468.2 crore, along with an offer for sale of 5.84 crore equity shares. The company has received approval from Sebi, and the listing is expected in the current calendar year, per people familiar with the matter cited in reports.

From the IPO proceeds, Wakefit intends to utilise ₹30.8 crore during FY27 and FY28 to open the 117 COCO regular stores. This ring-fenced amount provides a clear linkage between the public issue and a specific operating expansion plan.

Financial performance highlighted in filings

Wakefit reported 30% year-on-year growth in revenue from operations for FY25 to ₹1,274 crore from ₹986 crore in FY24, according to filings with the Registrar of Companies. The same period is also framed as outpacing broader industry expansion rates.

The company cited a compound annual growth rate (CAGR) of 25.2% from FY23 to FY25, compared with the organized furniture industry average of 10-12%. The comparison is used to position Wakefit among faster-scaling home brands during the period.

Key numbers at a glance

Market impact: what the offline push signals

For investors tracking D2C-to-omnichannel transitions, Wakefit’s plan ties a defined portion of IPO proceeds to store expansion. The strategy also clarifies that the company intends to stay with a COCO model for the planned 117 regular stores, rather than relying on franchise-led scaling. That choice typically implies higher operating control, with execution depending on site selection, store size mix, and city-by-city demand.

Wakefit’s market positioning in Tier-I and Tier-II cities, along with the stated aim to strengthen presence in smaller towns and underserved metro pockets, suggests the offline rollout is designed to broaden addressable demand. It also aligns with the company’s category focus on mattresses, furniture, and furnishings, where physical experience can influence conversion.

Analysis: why this matters for the home and furniture segment

The disclosed CAGR of 25.2% for FY23-FY25 compared with the organized furniture industry average of 10-12% is a key context point. If sustained, it indicates Wakefit has been scaling faster than the broader organized market over that period. The store expansion roadmap and the IPO structure provide a visible set of milestones against which execution can be tracked.

The 2025 store-opening pace, the plan for 117 additional COCO stores by FY28, and the longer-term target of 220 stores by end-FY28 together show an acceleration in offline investments. The DRHP language also makes the rationale explicit: management sees further growth headroom in existing and adjacent markets and is prioritising offline presence to capture it.

Conclusion

Wakefit is moving into its next growth phase with a sharper offline focus, after opening 32 stores in the first 10 months of 2025 and taking its network to over 130. With Sebi approval in hand and an IPO expected in the current calendar year, the company plans to deploy ₹30.8 crore of IPO proceeds in FY27-FY28 to open 117 COCO regular stores. Updates on the IPO timeline and the pace of store launches across FY27 and FY28 are the next confirmed markers to watch.