Flipspaces is leveraging technology combined with a global supply chain capability to become profitable in the US
Real estate expansion management venture, Flipspaces, announced that it has expanded its tech-enabled offering of interior design products and services in the US market. Over the last four quarters, Flipspaces claims to have grown 350 per cent in the US market and is now profitable at the earnings before interest, taxes, depreciation, and amortization (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 a supply chain to service the geography. We are scaled up and profitable now. Additionally, our current order book is 4 times of our trailing twelve months' revenue in the US because of which we’re looking to grow by 500-600 per cent in the coming financial year as well," said Ankur Muchhal, co-founder and head of US business at 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”, added Kunal Sharma, founder and chief executive officer (CEO) of Flipspaces.
Entering the US markets will help Flipspaces to develop a global thesis, expand its market size ($100 billion US market size) and improve the margin profile of the business. The venture has a fully functional presence with an office in New York City and is looking to expand its presence to Texas and California soon.
“The customer often lacks the time, resources 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”, Muchhal added.
The technology suite called VIZWORLD creates efficiency at every level of workflow including design, product fulfillment, and project management," said the company.