Flip.ro: Sales of over 56 million euros in fiscal year 2023

Flip.ro, the young Romanian company that encourages circular economy by refurbishing electronic devices, which they reintroduce on the market as new, announces sales of 56.4 million euros in fiscal year 2023.

A continuously growing Romanian business

Sales registered a 46% increase compared to the previous fiscal year, when the company collected 38.3 million euros. The year 2023 also came with an increase in the company’s capabilities, which today reached more than 400,000 customers who have bought or sold electronics on Flip since launch. In addition, since launch, more than 14,000 companies have turned to the circular solutions offered by Flip Business.

Launched last year on the website, the new product category – tablets, has so far generated sales of over 1 million euros. Starting in March of this year, Flip customers can also sell tablets directly on the platform.

“In order to best accommodate the growth of the business, last year we expanded our headquarters in Bucharest, which now has 2,060 square meters, of which 1,360 are dedicated to internal service (in 2022, the company headquarters had 1,000 square meters). The expansion also meant the growth of the Flip team, which today has more than 240 employees, of which more than 150 are only in service. In addition, we need more space and more specialists to include, in the future, new product categories”, says George Moroianu, co-founder and CEO of Flip.

35% of Flip’s sales came from the 3 external markets

In 2022, the young company entered the markets of Bulgaria and Hungary, and the year 2023 also meant the expansion to the Greek market. About 35% of Flip’s total sales came from the three markets over the previous year.

The extension of the service also supports customers from the three markets in the region – all orders are serviced by the headquarters in Bucharest, so all phones or tablets sold or bought in Bulgaria, Hungary and Greece are refurbished here.

Future plans

In 2024, Flip is preparing to introduce two new product categories on the platform: laptops and smart watches.

“In the case of both categories, we will sell only Apple products in the first phase, and we will diversify the available brands from the portfolio later. We plan to launch the two new categories later this summer. We want Flip users to be able to purchase Macbooks and Apple Watches as part of the Back to School campaign in addition to the current categories – phones and tablets,” adds George Moroianu.

From a financial point of view, the company is focused on profitable growth, brought by new product categories and presence in the three markets in the region. For the current year, they aim to maintain the pace of growth they enjoyed last year.