- Indian company Wakefit Innovations has raised $6.7 million in a Pre-IPO funding round, bringing its market valuation to $770 million.
- The round saw participation from prominent investors, including Bahrain’s Investcorp, with an issuance price of approximately $2.35 per share.
- Wakefit plans to raise $193.6 million through the upcoming public offering to support expansion, open 117 new stores, and cover rent, equipment, and marketing expenses.
Indian home furniture and furnishings company Wakefit Innovations has raised $6.7 million in a Pre-IPO funding round, boosting its market valuation to approximately $770 million.
The round attracted prominent investors, including Bahrain’s Investcorp, DSP India Fund, and 360 ONE Equity Opportunities Fund, at an issuance price of around $2.35 per share.
This move is part of Wakefit’s plan to raise $11.3 million ahead of its public offering, in preparation for a stock exchange listing following regulatory approval in October.
According to the prospectus, the company aims to raise approximately $193.6 million through the IPO, including $56.4 million in new issuance to fund expansion plans, which include opening 117 fully-owned and operated new stores, along with a flagship store. Part of the proceeds will also cover rent, equipment, marketing, and other operational needs.
Regarding ownership structure, the two founders hold 43.47% of the company’s shares, while Investcorp stands out among major shareholders with 9.39%, alongside Peak XV Partners, Verlinvest, and Elevation Capital.
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