Mumbai-based interior design startup Flipspaces has secured $35 million in a fresh funding round, led by Iron Pillar. Notable investment firms Prudent Investment Managers and Synergy Capital Partners have also come on board. This round consists of both primary and secondary capital, and the funds will be used to accelerate Flipspaces’ growth in India, the US, and the UAE. In addition to expanding its footprint, the company plans to enhance its technological capabilities and explore potential acquisitions.
This funding round also marks a significant milestone as it facilitated an exit for early-stage investor Carpediem.
Earlier in September 2023, Flipspaces had raised $4 million in its pre-Series B round, led by investor Prashasta Seth and others.
Founded by Kunal Sharma, Flipspaces has built a tech-first platform that integrates design, supply chain management, and project execution, targeting small and medium-sized businesses (SMBs) that makeup 60% of the commercial design market. The startup claims to have reached $40 million (approximately Rs 340 crore) in revenue, leveraging technology to offer end-to-end design and build solutions. It has achieved profitability in both India and the US, where it generates 20% of its revenue.
Flipspaces has delivered over 8 million sq. ft. of commercial spaces to over 1,000 clients worldwide, including SMBs, large enterprises, co-working spaces, and retail brands. The company’s proprietary tools, which include immersive visualizations and remote project monitoring through 360-degree views, are designed to enhance client experience and operational efficiency.
Although Flipspaces has yet to file its annual financial report for FY25, the company registered an operating revenue of Rs 190 crore in FY24, a 90% increase from the Rs 100 crore in FY23. However, the company also posted a loss of Rs 8 crore in FY24, marking a significant improvement from the Rs 19 crore loss in FY23.
With this new capital, Flipspaces is well-positioned to continue its rapid growth and expand its technological offerings, as it remains focused on its mission to transform commercial spaces globally.
