Cashing on the burgeoning wellness market in the county, Lifestyle spa firm Mystic Spa Thursday revealed its plans to open 150 centres across the country in five years through franchises.

'Over the last few years, Indian spa industry is growing at an annual rate of 20 percent and this business is attracting investors, developers, consultants and suppliers,' said Siddharth Shankar, founder and director, Mystic Spa in a press conference.

According to Shankar, the company will utilise the franchise model to expand its presence in the market. 'Coupling our rich experience with the power of the franchise business model, we are poised to make spa a lifestyle choice,' Shankar said, adding that the company plans to open 20 spas in the national capital region (NCR), this year alone.

The spa chain is promoted by the Mystic Cures Limited, which has 10 years of experience in research and development (R&D) and is managing spas at five-star hotels. Currently, the company manages six properties in Delhi, NCR through franchises as well as wholly-owned operations.