Mr. K. Madhavan (MD, Peps Industries) serves as an inspiration for all those others who are looking to set up their own business, especially at the age of 55, when others would be at the pinnacle of their career.
PEPS Industries Pvt Ltd is one of India’s leading spring mattress companies, founded by Mr. K. Madhavan. Madhavan entered the market in 2007, a time when there was only one other player in the spring mattress industry and the convention of coir mattress was still on a high. He took his 30 years of experience in the mattress industry and turned what was only a last and unlikely option into the 500 crore spring mattress category that it is today.
He is a considered to be the pioneer in the concept of branded mattress. He is known for having positioned inner spring mattress as an affordable luxury.
In an interaction with BW Disrupt, K Madhavan shared his entrepreneurial journey.
How has been your journey with Peps Industries so far?
In 2006, we cashed in on a golden opportunity and took over a sick manufacturing unit that was for sale. Further to bringing in cutting-edge technology to India, we associated with M/S Restonic USA, the fourth largest spring mattress brand in the world.
Coir and foam mattresses dominated the market when we made an entry in the market. At that time, out of the total mattress market share, spring mattresses had a share less than 2%. Educating the customer about spring mattresses was a major challenge as people in India had a firm belief that only a firm mattress is good for sleep. Over a period of 12 years we have established ourselves as the India’s top selling spring mattress brand with a CAGR growth rate of around 33%. In the year we started our operations, the company turnover was Rs 4 crore and today in 2018, Peps has a turnover of Rs 300 plus crores.
Here is the link to the full article on http://bwdisrupt.businessworld.in/article/How-Peps-is-Revolutionizing-the-Indian-Spring-Mattress-Industry/09-04-2018-145892/