Luxury mattress brand Springfit aims a turnover of Rs 1,000-1,200 crore in the next five years, helped by growth from domestic and exports markets, said a company official.
As part of its expansion strategy, Springfit is investing to double its manufacturing capacity to meet the growing demand, expand its distribution network and add more exclusive showrooms.
Besides, the Delhi-based company may try to get listed on the stock exchange in the next 2-3 years, said Springfit Executive Director Nitin Gupta.
For the fiscal year ended March 31, 2022, Springfit achieved a turnover of around Rs 250 crore and aims to grow almost double this fiscal year to Rs 450-500 crore.
''We are confident of doubling our revenue to Rs 1,000 to 1,200 crore, over the next five years with our expansion. Most of the new incremental revenue should come from the upcoming Meerut and Vadodara plants. If our plans go as planned, we should be over Rs 1,000 crore entity by FY27,'' Gupta told PTI.
Besides, the company is expanding its distribution footprints and plans two-fold jump in the total count of exclusive showrooms.
''Our target is to establish around 150 - 200 exclusive showrooms in the next two years. The company currently has 90 exclusive showrooms across the country,'' he added.
Springfit has a pan-India distribution network with a presence of over 1,000 retailers across 23 states.
The company, which started its journey in 2009 by setting up operations in Haridwar, is also increasing exports, Gupta said.
''We are currently exporting word-class standard mattresses to 34 countries and expect an export revenue of Rs 100 crore,'' he added.
The company recently announced signing an MoU with leading American mattress and bedding products company Simmons, where Springfit has been assigned the sole licence to manufacture their luxurious range of mattresses within India, ranging from Rs 1-10 lakh.
''The company expects its revenue to grow by 100 per cent through this partnership,'' Gupta added.
Presently, 60 per cent of Springfit's revenue comes from the domestic market and the rest 40 per cent from exports. The domestic market also includes the contribution from hospitality, original equipment manufacturers (OEMs) and other channels besides retail, he added.
''Springfit Mattress today gets its revenue from home comfort products of which mattress is the major segment. The remaining comes from supply in leading 5-star hotels like Taj, Marriott International, ITC etc,'' Gupta said.
Moreover, to meet the increasing demand in sales, Springfit is investing in production capacity and aims to double it. The company has four manufacturing units in Haridwar, Meerut, Vadodra and Coimbatore.
''Springfit plans to invest Rs 50 crore this year in expansion and has already invested Rs 40 crore in the last two years,'' said Gupta adding the company ''aims to double it with its recent expansions in Meerut and Vadodara.''