Muscle & Strength India, a retailer of fitness supplements and nutritional products, is aiming to expand its business in India and also to enter overseas markets as it sees the demand for the nutritional supplement space rising amid the COVID-19 pandemic.
The company plans to raise around Rs 50 crore by next year to fund its expansion plans that include enhancing offline store network, adding new product lines, product development and marketing activities, the company said in a statement.
Besides the domestic market, Muscle & Strength also plans to strengthen its presence in international markets like Nepal, Bhutan, and Myanmar. The company is also in advanced talks with business expansion in the US market.
''Muscle & Strength India is also looking to expand aggressively in the country and aims to open 100 stores by next year through the franchise route as it seeks to deepen its presence in India's growing nutritional supplement space,'' it said.
Muscle & Strength India founder Praveen Chirania said, ''We are planning to raise funds for the next phase of our growth. In a short span of time, Muscle and Strength India has already achieved a turnover of around Rs 10 crore in the past three years despite the pandemic and has become one of the fastest-growing retail chains in the health supplement market in India.'' Apart from metros, the company expects demand to come from smaller tier 2-3 cities, helped by its affordable range of supplements, he added.
Currently, Muscle & Strength India operates 18 stores spread across multiple cities. Muscle & Strength India has also entered manufacturing of its private-label product Perfect Series in the sports nutrition category and will widen its portfolio in the near future.
(With inputs from PTI)
