Had Karat Interview for Wayfair in Jan 2021.
Interview was broken as below

1. 20 minute quick-fire System Design round where questions asked were to test you on your knowledge of identifiying bottlenecks and how you can scale or make highly available systems.
2. 30 min coding round where they keep asking questions until the time limit is up
   • 1st question was a simple Array matrix question
   • 2nd question built on the first question and required the use of some searching algorithms.

I think if you are able to solve atleast 1 coding challenge you would qualify for the next round.