US-Based Spring Air to Invest Rs 100 Crore in India
New Delhi: US-based premium mattresses maker Spring Air will invest Rs 100 crore in the next two years to open 100 standalone showrooms across India.
"We want to expand in India by opening 100 exclusive showrooms in the next two years. We will invest Rs 100 crore for that," Spring Air CEO (India and Middle East) Ashok Sharma told PTI.
At present, the company has 30 standalone showrooms in the country. All the new Spring Air showrooms will be company-owned and operated and will come up in metro and Tier I towns.
"We planned expansion in two phases. In the first phase, our focus was on setting up manufacturing plants in all the four regions of the country for timely distribution of our products. In the second phase, we will work on showcasing our full product range through exclusive showrooms," Mr Sharma said.
The company, which launched its fourth manufacturing plant in Kolkata, West Bengal in October 2014, is looking at up to 25 per cent revenue growth this fiscal year.
"With our fourth plant ready, we are aiming 40 per cent revenue growth this year."
The company reported revenue of over Rs 100 crore in the previous fiscal year.
Spring Air has four manufacturing facilities in Delhi NCR, Mumbai, Kolkata and Bangalore and also sells through 300 retailers across India.
