Blueground: New acquisitions, $ 400 million in revenue and listing plan

By Matina Harkoftaki

Blueground’s recent investment in the Brazilian-run Tabas may have whetted the appetite of the Greek start-up as it does not rule out hitting again with some acquisitions abroad this year, but rejects the possibility of it being acquired despite the fact that in the past, as stated by its CEO and co-founder, Alexandros Chatzieleftheriou, he had accepted a rather “interesting proposal”.

“I see that seeing the dynamic development of Blueground there is no reason to acquire”, stressed Mr. Hatzieleftheriou on the sidelines of the press conference for the presentation of the winners of the EY competition “Greek Entrepreneur of the Year 2021”. At the moment, Blueground is “looking” at various target companies for possible acquisitions as “in the industry we are active, there are several players who do not have the developed part of technology, something in which we could help them”, clarified its head.

In the frame the entrance to the stock market

At the same time, the company is moving with its eyes on the stock market, a step that may come in the next two years. Although it has not yet been finalized, however, it is most likely to enter a possible entry into the US stock market. “Although Greece holds an important position for us, however, most of our revenues are realized abroad and specifically in America, which corresponds to 70% of the turnover”, noted Mr. Hatzieleftheriou and added: “So far no “There is a final decision, but we will definitely consider an introduction to America,” he said, adding that the stock market “will mature the company”.

At the same time, it continues on the path of expanding both its real estate portfolio and the cities it has a presence in, planning to open in Asia and in particular in Hong Kong and Singapore in the near future. Tabas earlier brought Blueground entry to Brazil.

At $ 400 million in 2022 revenue

In terms of its financial results, revenue for last year closed at $ 150 million and returned to break even, in terms of operating profitability. Estimates for the current year forecast more than double the revenue, which is expected to reach $ 400 million, but the operating result will be slightly negative, which is in line with the aggressive growth strategy implemented in recent years. “Currently we have a presence in 20 cities and our goal is to reach 100 in a decade, while increasing the number of properties in the existing ones,” said the head of Blueground.

In Greece, the company manages real estate only in Athens, however, it is not ruled out that in the future it may expand to other cities, although currently emphasis has been given abroad. Based on the needs of its customers, the properties of the company’s portfolio in Athens are located in three areas, the center, the northern suburbs and the southern suburbs. Her future plans, however, include entering other areas as well, opening the door to more affordable real estate. “Our plan is to gain access gradually and in areas that are not so expensive, providing fewer services based on a more economical model”, noted Mr. Hatzieleftheriou, clarifying, finally, that the specifications will remain the same.