Interior design startup Flipspaces raises $35 Mn

Entrackr · 1d

Mumbai-based interior design startup Flipspaces has raised $35 million in a funding round led by Iron Pillar. Prudent Investment Managers and Synergy Capital Partners have also participated. The funding includes both primary and secondary capital and will be used to ramp up growth in India, the US, and the UAE, enhance technology capabilities, and explore potential acquisitions. The round also 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 Prashasta Seth and others. Founded by Kunal Sharma, Flipspaces operates a tech-first platform that integrates design, supply chain management, and project execution, targeting the SMB segment, which constitutes 60% of the commercial design market. The startup claims to have scaled to $40 million (approximately Rs 340 crore) in revenue, uses technology to provide end-to-end design and build solutions and has achieved profitability in both India and the US, where it generates 20% of its revenue. Flipspaces claims to have delivered over 8 million sq. ft. of commercial spaces for over 1,000 clients globally, including SMBs, large enterprises, co-working spaces, and retail brands. Its proprietary tools enable immersive visualizations and remote project monitoring through 360-degree views, enhancing client experience and operational efficiency. While 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 Rs 100 crore in FY23. However, it also recorded a loss of Rs 8 crore in FY24, less than half of the Rs 19 crore loss in FY23.