Wakefit Innovations Pvt. Ltd, backed by Verlinvest, Investcorp, Sequoia and SIG Capital, is seeking acquisitions to further diversify beyond its core mattress business, a senior company executive said.
The Bengaluru-based company mainly sells its products on its own portal as well as online marketplaces such as Amazon, Flipkart and Pepperfry. It claims to have sold more than 1.8 million products since inception in 2016.
Wakefit has received offers from about a dozen startups for potential acquisitions in the past 12 months, said Chaitanya Ramalingegowda, co-founder. However, several factors have dissuaded the company from proceeding with any deal so far, he added.
"We are not interested in generic buying of revenue, but we are interested in anything that completes home portfolios including home decor, furniture or utilitybased accessories," Ramalingegowda said in an interview.
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