Flipspaces – a leading interior design-tech venture and the world’s largest product supply and real estate expansion management venture has recently announced its aggressive approach to disrupting the US market with its Global Design Tech Solutions.
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. “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.
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 small and mid-sized customer lacks the time 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 Sharma, Founder and CEO of Flipspaces.
- Flipspaces became the de facto choice of turnkey design and execution brand, Explain in brief.
Founded by Kunal Sharma and Ankur Muchhal in 2015, Flipspaces is an interior design-tech venture based out of 12 cities worldwide having offices in cities including but not limited to Mumbai, Bangalore, Ahmedabad and New York (USA). It uses its multi-module technology stack to bridge the gaps in the customer experience journey pertaining to the interior designing, associated product and services supply , and project execution industry. While solving tangible issues faced by different stakeholders in the value-chain through its proprietary technology suite, Flipspaces is redefining the way commercial interior design and build industry operates. With over 6+ million sft. of delivered space across almost all commercial real estate categories, it has become the de facto choice of turnkey design and execution brand for start-ups, coworking, retail, corporates and F&B players.
- With the same business thesis of helping small and medium enterprises, how FS is catering to overseas market?
Flipspaces ventured into the US market with the foresight of targeting only design projects at the beginning which had opened up an endless opportunity for the firm due to the offshoring design model along with its custom OEM manufacturing capabilities at scale. Coupled with its proprietary visualization technology which helps in clients getting a virtual walkthrough of their workspace even before it is built, it brought about an enhanced capability to the design level. With this USP, the firm was able to convert almost 60% of its leads into a sale which led to the growth of Flipspaces in the US market as we know today.
- The U.S office furniture market is expected to expand at a compounded annual growth rate of 5.3% from 2022 to 2030 ( Explain in brief)
Every firm is willing to design aesthetic commercial interiors that act as wholesome extensions of their respective businesses. Right from office spaces and stores to restaurants and cafes, the manner in which commercial spaces are designed has a huge impact on the traction they receive, but these firms do not have the economies of scale, knowledge or the library to resource the right furniture products from the correct supplier and this where Flipspaces with its validated business model of targeting small and medium enterprises come to the foray.