If you have lived in an Indian metro at any point in the last seven years, you have likely come across Wakefit. They are the brand that famously offered to pay interns to sleep on the job.

They are the scrappy, irreverent direct-to-consumer upstart that promised to shake up the "snoozy" mattress oligopoly with a roll-packed foam cylinder delivered right to your door. But as Wakefit Innovations Ltd. prepares for an IPO, the company that built its name on "good sleep" is offering a prospectus that might keep diligent investors awake at night.

A close look at their regulatory filings reveals a company in the middle of a radical, almost tumultuous transformation. This is no longer merely a mattress seller — it is a company pivoting into a high-stakes battle with IKEA, seeking to monetise its

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