Indian mattress manufacturer VFI Group eyes ₹1K cr turnover in 5 years

29 Dec '21

2 min read

Pic: Springfit

SpringFit Mattress manufacturer Varahamurti Flexirub Industries (VFI) Group aims to have a turnover of ₹1,000 crore in the next 5 years and plans to open around 150-200 exclusive showrooms in the next two years. VFI is recognised in retail with SpringFit being the market leader in the manufacturing of orthopaedic luxurious mattresses in India.

Commanding a strong presence within the mattress industry for over a decade, the company has been making a substantial effort to innovate its technology and provide the best comfort to its customers, through its principal offering of three mattress brands: SpringFit, Amore and Durfi and range of other accessories, the company said in a media release.

“Infact, VFI group made an effort to introduce CertiGaurd - an antibacterial mattress helping people maintain safety and hygiene standards as during the first lockdown we felt that the customers might be in the need of the same,” said S K Malhotra, director sales and marketing, VFI Group.

Under the guidance of Malhotra, the company expanded its portfolio by going global and recently announced signing an exclusive MOU with ‘Simmons’, the leading American mattress brand, where VFI has been assigned the sole license to manufacture its luxurious range of mattresses within India, ranging from one lakh to ten lakh. The company expects its revenue to grow by 100 per cent through this partnership.

Malhotra further said: ''VFI group has made significant growth since its inception. I am happy to share that our topline has already crossed ₹160 crore in H1 of the current fiscal, as against ₹150 crore in full FY20 and just about ₹90 crore in H1FY20 which was ravaged by the pandemic. We are currently exporting word-class standard mattresses in 34 countries and expect an export revenue of ₹100 crore.”

VFI has already been producing 4 lakh mattresses annually from its four manufacturing units based in Haridwar, Meerut, Vadodra and Coimbatore and aims to double it with its recent expansions in Meerut and Vadodara.

“We are confident of doubling our revenue to ₹1,000 crore, over the next five years with our expansion. Most of the new incremental revenue should come from the upcoming Meerut and Vadodara plant. If our plans go as planned, we should be a ₹1,000 crore entity by FY27,” he added.

The company aims to cross ₹25 crore revenue by this fiscal as its volumes have already reached more than pre-pandemic levels, Malhotra said.

Fibre2Fashion News Desk (KD)

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