Wakefit Innovations Ltd is betting that massive furniture stores will power its next phase of growth, as the omnichannel home retailer looks to make furniture its largest business within the next three years.
The company is opening its first jumbo-format furniture store, which co-founder and chief executive Ankit Garg said would be “even bigger than Ikea”, with a second outlet to follow within a few months. Rather than rapidly rolling out the format, however, Wakefit plans to spend about a year refining the concept before expanding further.
“We expect these stores to significantly accelerate the growth of our furniture business,” Garg told Mint in an interview.
To be sure, Ikea has seven stores in India, including three big-box stores and four compact city stores. Its large stores average 300,000-500,000 square feet.
The stores are envisioned as destination experience centres rather than conventional furniture outlets, each featuring more than 200 fully curated room setups across bedrooms, living rooms and kitchens, designed to inspire customers looking to furnish their homes.
Garg likened the concept to creating “an offline version of Pinterest”, where consumers can experience complete home designs instead of simply browsing them online.
Wakefit is investing roughly ₹100 crore in each jumbo store while strengthening its manufacturing, supply chain, and installation capabilities to support the format, he added.
The strategy comes as Wakefit looks to diversify beyond mattresses, which remains its largest and fastest-growing business. The company reported a 16.6% year-on-year rise in consolidated revenue from operations to ₹405 crore in the June quarter, while net profit rose 19.2% to ₹23.3 crore.
Mattress revenue grew 27.3% on-year, helping offset slower growth in furniture and temporary supply-chain disruptions in the furnishings category.
Ikea India reported a revenue of ₹1,750 crore in FY25, with wider profit after tax of ₹1,325 crore compared to ₹1,299 crore in the year-ago period. FY26 financials are not available yet.
The company also continued to deepen its offline presence, adding 27 company-owned stores during the quarter to take its network to 165 outlets, while expanding its multi-brand outlet presence to 2,250 stores across 701 cities.
The jumbo-store strategy underpins Wakefit’s ambition to make furniture its biggest business over the next three years, overtaking mattresses, which currently drive the bulk of its sales.
“Over the next three years, we expect furniture to overtake mattresses and become our largest business,” Garg said.
Rather than chasing rapid expansion, Wakefit plans to use the first two stores to fine-tune the model before rolling it out widely. The company expects to open two jumbo stores initially and spend about a year studying customer behaviour, operations and execution before resuming expansion from 2029 at a pace of roughly two stores annually.
Garg said the measured approach reflects the complexity of the format. “Once we’ve built the playbook, scaling becomes much easier. But building that playbook takes significant time and investment.”