New Delhi [India], Nov 25 (ANI): After emerging as the biggest selling brand on Amazon this year, online memory foam mattress firm Wakefit has projected a jump by 2.5X from its first year of business.
Crossing the Rs. 35 crore mark, the mattress company now enjoys estimated 0.5 percent share of the mattress market, with a target to acquire five percent in the coming months.
"The foam mattress industry has been growing at about nine percent YoY for the past five years and is expected to reach about Rs. 14,000 crore by 2021. Industry analysts are of the opinion that only 35 percent of the mattress market is organized and the rest is serviced by a large number of small unorganized players who follow no established quality standards and do not provide even basic customer support," said founder Wakefit, Ankit Garg.
In light of these conditions, he added that the online market is expected to grow to contribute five to seven percent of the overall market from the current three percent.
"The last few quarters, the company is growing at an average of 14 percent in terms of pure revenue, and over the last year, has reported a monthly CAGR of approximately nine percent," added Garg. (ANI)