The digital first company has kept aside a budget of Rs. 6-10 crore to open a total of 25 stores across the country.
“We are going very traditional in our approach to marketing and have allocated 50:50 share for traditional and digital mediums. We have been very cost efficient in terms of our spending,” said Ankit Garg, CEO and Co-founder of Wakefit.
He further claims that all of the company’s products are 20-25 per cent cheaper than that of rivals of comparable quality.
The Bengaluru-based company is targeting to attain Rs.1,050 crore revenue in FY ’23 while trying to break deeper into Tier-II and Tier-III cities.
“Earlier almost 70 per cent of our revenue was coming from the top metros, but in the past two years, this ratio has changed. Now, more than 45 per cent of our revenue comes from Tier-II and Tier-III cities and we plan to expand that base steadily,” Garg adds.
