With the mattress industry growing at 12 to 14 percent (y-o-y), premium mattress brand Magniflex claims to grow at 35 to 40 percent. Magniflex India currently has 69 brick-and-mortar stores is in plans to expand its stores to anywhere between 112 to 120 by the end of 2023.
According to a report in the Financial Express, Magniflex claims to open 45 to 50 franchise stores across different locations in the Asia-Pacific (APAC) region, of which 20 will be opened in India. The rest of the stores will be launched across cities in China, Indonesia, Taiwan and Mongolia.
The company aims to build brand awareness through various events and interactions to promote the idea of good sleep for overall well-being. “There has been a good shift in the market after the pandemic. Covid-19 has made everybody understand the role of good sleep. People are spending more time in their houses which has helped them realise and understand that they need to buy a good quality mattress,” the Financial Express report quoted Anand Nichani, managing director (MD), of Magniflex India, as saying.
The company also works with interior designers to help recommend its products to consumers directly. Meanwhile, Magniflex also claims to have high visibility through its franchisee store.
Repose Mattress targets Rs. 500 crore revenue by 2025
Coimbatore’s headquartered company Repose Mattress aims to achieve an India presence and targets Rs 500 crore revenue by 2025. The company is in plans to boost its presence in non-South regions by establishing three factories and entering new markets, a The Hindu Business Line report quoted the company as saying.
Currently, Repose Mattress has strongly established itself in South India with a total factory space of 1.5 lakh square feet. The company initially focussed on the spring mattress segment and in the last two years it has expanded its product portfolio in the coir and foam products segment. Presently, the company offers different combinations of products priced between Rs. 5,000 to Rs. 2 lakhs. Repose products will soon be available in Delhi, Punjab, Haryana, Rajasthan and Uttar Pradesh and to support its new expansion plans, the company will be building new factories in Hyderabad and Ahmedabad. The company currently, has its factories in Pune, Coimbatore and Meerut.
Investcorp to lead $45 million equity funding in Wakefit
Alternative investment firm Investcorp is all set to lead an approximately $45 million round of equity funding in Bengaluru-based Wakefit. The mattress and home solutions company’s existing investors will also participate in the round and the investment will be made through a primary infusion at a post-money valuation of Rs. 2,500 crore, according to a report in the Live Mint.
Wakefit plans to use the funds to support its expansion plans and to buy back employee stock options and the brand is also looking at acquiring smaller brands. Founded by Ankit Garg and Chaitanya Ramalingegowda, Wakefit primarily sells its products online and through e-commerce channels, namely, Pepperfry, Amazon and Flipkart. The brand has also taken the offline route with 10 stores across Delhi, Lucknow and Bengaluru. Through its brick-and-mortar stores, the mattress maker plans to offer an omnichannel experience to its customers.
As far as sales are concerned, the company estimates to generate 50 to 60 percent of its sales through its website, 15 to 20 percent of sales through its offline stores and 15 to 20 percent from other sales channels. As revealed by the founders in an interview in May last year, Wakefit recorded a more than 50 percent rise in revenue to Rs. 636 crores in FY22 and the mattress company aims to cross Rs. 1,000 crores in the current financial year. Meanwhile, the company aims to achieve its breakeven in FY24.