The capital, comprising both primary and secondary investments, will be used to fuel the company’s growth across India, the U.S., and the UAE, enhance its tech-driven platform, and explore acquisitions in new markets.
Commercial interior design and contracting venture Flipspaces has raised $35 million in a mix of primary and secondary capital, led by Iron Pillar. The funds will be used to accelerate growth across India, the U.S., and the UAE, strengthen the company’s technology and brand leadership, and explore inorganic growth opportunities in new geographies and adjacent categories.
The round also saw early-stage investor Carpediem exit, while existing investor Prudent Investment Managers and new participant Synergy Capital joined the round.
Commenting on the investment, Ashok Ananthakrishnan, Partner at Iron Pillar, said, “Flipspaces has scaled to $40 million in revenue in a capital-efficient manner. With their tech-first platform spanning design, supply chain, and project management, we believe they are well positioned to build a leading franchise across India, the GCC, the USA, and other global markets, and to establish a large, enduring company.”
Kunal Sharma, Founder and CEO of Flipspaces, added, “We’re deeply grateful to our incoming and existing investors for their belief in our vision, and we’re excited about what lies ahead.”
Flipspaces offers a fully integrated, tech-first design-and-build solution focused on small and medium businesses (SMBs), which account for nearly 60% of the commercial interior design-and-build market. The U.S. currently contributes 20% of the company’s overall revenue. According to the company, both India and the U.S. operations are profitable.
The company claims to have grown at a 65 per cent CAGR over the last four years, delivering over 8 million square feet of commercial space for more than 1,000 brands across India and the U.S. It is now expanding into the UAE, a growing global hub for commercial real estate. Additionally, Flipspaces has launched a dedicated vertical to handle design and build mandates for large enterprises.
According to Tracxn, the Mumbai-based company is currently valued at approximately ₹221 crore. This latest fundraise follows its $4 million Series A round in September 2023.
(Inputs from BL intern Nethra Sailesh)
Published on May 7, 2025
