Wakefit Innovations Limited announced that its shareholders have approved key proposals through a postal ballot and remote e-voting process. The approved matters include the reclassification of authorized share capital, converting compulsory convertible preference shares into equity shares, and altering the company's Memorandum of Association.

Additionally, shareholders approved an upside arrangement under the Shareholders’ Agreement (SHA) dated May 13, 2025, as amended on June 25, 2025. This arrangement pertains to Clause 20.2 of the SHA, which allows for upside sharing from investors to promoters under specific conditions related to the sale of Series D and D1 CCCPS or equity shares upon conversion. The SHA was executed between the company and various investors including Ankit Garg, Chaitanya Ramalingegowda, Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Opportunity Fund, Indigo Circle Advisors, Paramark KB Fund I, and Elevation Capital VIII Limited.

Furthermore, the shareholders approved an amendment to the Articles of Association (AOA) of the company, specifically the insertion of Article 168. This new article details the 'Additional Promoter Consideration,' outlining a mechanism where investors (excluding Redwood Trust and SAI Global India Fund I, LLP) and additional investors who receive returns exceeding 2.5 times their subscription amount on Series D CCCPS or Series D1 CCCPS may be required to pay 30% of the proceeds in excess of a 30% IRR to the promoters on a pro-rata basis. This clause will remain in force subject to compliance with applicable laws and shareholder approvals. The company will make this information available on its website.