Hyderabad-based Raha Poly Products Limited, the Indian arm of spring mattress manufacturer Poly Products LLC based in the Sultanate of Oman, will be investing about Rs 50 crore in the country over the next five years.
The 13-year-old company, which has so far been into institutional business as a nominated supplier of spring mattresses to hotel chains and star hotel groups in India, plans to penetrate the retail market in the country by opening about 800 outlets via the franchisee mode, CK Raman, general manager of Raha Poly, told mediapersons here on Friday.
“We are planning to focus on tier-II and III cities to penetrate deeper into the markets, and will be opening three to four stores by this year end, including one in Chennai next month,” Raman said. The company currently has over 200 outlets across the country including in Thiruvananthapuram, Thrissur, Gurgaon, Delhi, Ernakulam and Hyderabad.
Stating that spring mattress as such is a new concept here, Raman said the market for mattresses in the country is currently pegged at Rs 2,000 crore of which spring mattresses account for about 13 per cent. “There is a growing demand for spring mattresses in the country and we expect to garner close to Rs 100 crore from the retail market in the next five years,” he said.