Elevation Capital raises Wakefit stake in run-up to IPO; buys Rs 32 crore employee shares

Venture capital firm Elevation Capital, which owns nearly 5% stake in the initial public offering (IPO)-bound mattress and furniture retailer Wakefit, acquired shares worth Rs 32.5 crore this year from the company’s current and former employees in the months leading up to the company filing its draft papers.

These 203,426 shares, which Elevation Capital bought at Rs 1,600 apiece, were allotted to Wakefit employees under the company’s 2019 employee stock option plan (Esop), according to its draft prospectus filed on Friday. Under the Esop 2019…