Real estate & design tech startup, Flipspaces records 350%,revenue growth within a year of expanding in the U.S market
Interior-Design-Tech Venture, Flipspaces has expanded its tech-enabled offering of Interior Design products and Services in the US market successfully. Over the last 4 quarters, Flipspaces claims to have grown 350% in the US market and is now profitable at the EBITDA level in the geography.
“We have toiled the last 30 months in the US to get where we are today, continuously building on tech, validating GTM and establishing supply chain to service the geography. We are scaled up and profitable now. Additionally, our current order book is 4X of our trailing twelve months revenue in the US because of which we’re looking to grow by 500-600% in the coming financial year as well, remarks Ankur Muchhal, Co-Founder and Head of US Business at Flipspaces. What is more credible for the company is that a good part of this journey has been during times that were still marred by and the after effects of the pandemic.
“Profitable Growth and Progressive Moat has been the mantra for Flipspaces all through” says Kunal Sharma, Founder and CEO of Flipspaces. “Commercial mandates for Design, Product Supply and Project Management are broken, underserviced and lack a seamless customer experience globally. At Flipspaces, leveraged by a cutting-edge tech-suite, we’re looking to become the Global Go-to platform to fulfill this need. In doing so, we are making the world a more beautiful place, quite literally”, adds Sharma.
Entering the US markets has allowed Flipspaces to play out a global thesis, expand its market size (USD 100 Billion US market size), and improve on the margin profile of the business. The venture now has a fully functional presence with an office in New York City and is looking to expand presence to Texas and California soon.
“The Flipspaces Supply Chain is built around a deeply researched and price discovered catalog of 300 thousand products and services deliverable across geographies in India and US. The customer often lacks the time, resource and knowledge to deal with multiple stakeholders like interior designers, multiple product suppliers and turnkey contractors. Flipspaces provides a platform where all of these can be seamlessly discovered and empaneled either separately or as an integrated service”, adds Ankur.
At the core of all offerings is their global-first proprietary technology suite called VIZWORLD which creates efficiency at every level of workflow including design, product fulfillment, and project management. “Our tech-suite is actually a boon for businesses who do not want to deal with multiple stakeholders in their design and build journey.” says Kunal.
“Ultimately, designing a new space is like creating a new world. But the joy of this creation is taken away by lack of transparency and efficiency at every step of the interior design and build process. What should be a child-like joy of creating something new is replaced by a frustrating experience for the business owner or developer looking to design and build related products or services. Our endeavor is to put the joy back into this process by driving customer delight in every step which is only possible through a bespoke tech-suite combined with category defining processes and benchmarks.” says Kunal.
“The USA is one of the world’s largest Commercial Real Estate Markets. As I walk from one avenue or street to another in any city in the US, I am awed by the possibility of how large a business we can be in this country with our supply chain capability which allows us to service institutional orders profitably from India. We are extremely excited about the expansion to the US which validates our Make In India and Sell to the World thesis”, says Ankur as he signs off.