Jobaaj Stories
Ankit Garg, the Co-founder, and Director of Wakefit, believes that it is better for a startup to fail in its early stages rather than later, as failure in the later stages can have a more devastating impact on the whole business. Having experienced the closure of his first startup within six months, Ankit recognizes failure as an integral part of an entrepreneur's journey.
From Computer Science Enthusiast to Entrepreneur
Ankit Garg developed a passion for computers from a young age and pursued a B.Tech in computer science from IIT Delhi. He went on to excel in a Ph.D. program in computer science at Princeton University, working under the guidance of Mark Braverman.
After completing his studies, he worked as a salesman and a management trainee in various companies but always harbored a desire to start his own venture. This led him through a series of failures before he realized the inevitability of failure in entrepreneurship.
After extensive research, Ankit developed a unique method of making foam for the automotive industry. Although his product was well-received and he secured funding to set up a factory, the growth was short-lived as a larger competitor entered the market and took away his customer base.
Overcoming Challenges and Founding Wakefit
Ankit experience a downfall in his business which led him into a state of depression. He even resorted to selling pasta on the roadside and eventually found work at a startup in Mumbai.
In 2014-2015, while looking for a mattress, Ankit realized the significant price difference between the raw materials and the final product. This sparked his interest in the mattress industry once again.
After a year of dedicated efforts and research, Ankit determinedly accumulated funds and launched Wakefit in 2016. The company quickly gained popularity as a direct-to-consumer brand, achieving remarkable growth and revenue. Wakefit's mattresses are manufactured in Bengaluru, Jodhpur, and Delhi, and the brand is recognized for its online presence and partnerships with platforms like Amazon and Flipkart.
Accolades and Awards
BW Business-world Young Entrepreneur Award 2021: Ankit Garg received this prestigious award for his entrepreneurial achievements.
Campaign and Service Awards: Wakefit won several awards, including the best campaign in consumer health and fitness, the Start-up of the Year - Home and Lifestyle award, and the Best Customer Service Award. They were also nominated for the SABRE awards for their innovative 'One India, One Wakefit' campaign.
Red Herring Asia Award: Wakefit was recognized with the Red Herring Asia Award for its outstanding performance in the startup ecosystem.
Ankit emphasized,” We have also had the opportunity to truly listen to customers and create products desired by them, as opposed to the old model where brands had no connection to the end customer”.
Even after facing failures, Ankit considers his entrepreneurial journey with Wakefit to be both experiential and exciting. Educating customers about the possibility of purchasing mattresses online initially posed a challenge, but it ultimately contributed to their growth. Ankit highlights the importance of building a world-class customer experience and an efficient team process as a significant learning experiences in his entrepreneurial journey.
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