Hyderabad: Sleep and home-solutions startup, Wakefit.co has set up a new factory at Medchal in Hyderabad that will cater to the growing demand in and around the region. The company has invested Rs 5 crore into the facility and plans to invest more to meet its expansion needs.
The company said Hyderabad is among the top five focus cities for Wakefit.co and has witnessed a significant rise in demand for quality sleep and home solutions products in the last few months.
The move will help the company achieve its target revenue of Rs 450 crore by end of FY 2021. Spread across 30 lakh sq ft, the facility will have products designed scientifically by experts. The company has recently expanded from sleep to home-solutions segments.
The product portfolio in the company’s sleep solutions range includes mattresses, beds, mattress protectors, pillows, comforters, bedsheets, neck pillows and back cushions, while its home solutions range consists of study tables, book shelves, bedside tables, coffee tables, TV units, sofas, shoe racks, wardrobes, dining tables and much more.
Speaking on the company’s new development, Ankit Garg, CEO and co-founder, Wakefit.co, said, “Hyderabad is among the top focus markets for us. Ever since we have set up our infrastructure presence in the city, our order volume has increased 15 per cent thereby significantly reducing the delivery time in and around Hyderabad.”
The company is planning to further strengthen its manufacturing capabilities, in-house R&D and direct-to-consumer initiatives across the country and will be setting up additional factories in Pune, Delhi and Bengaluru, besides Hyderabad.
The company said it owns the supply chain and back-end operations end-to-end, which helps it to keep the prices affordable for customers.