Mumbai-based design-tech startup Flipspaces has raised $50 million in an expanded Series C funding round. The fresh capital comes from a mix of new and existing investors, and the startup plans to use it to accelerate growth in India, the US and UAE, deepen tech capabilities, and make strategic acquisitions.
New investors include CE-Invests (UAE), Panthera Growth Partners (Singapore), and SMBC Asia Rising Fund (Japan). The round was expanded via multiple tranches: about $35 million was raised in May, led by Iron Pillar; another disbursement (~₹50 crore, ≈ $5.5 million) from Asiana Fund followed. The funding also facilitated an exit for early-stage investor Carpe Diem.
Flipspaces, founded in 2015 by Kunal Sharma (and Ankur Muchhal), operates in the commercial interiors/design-build sector. Its offering combines space planning, immersive VR walkthroughs, procurement, and turnkey execution into a single platform targeting enterprises, startups, SMEs across sectors like IT, education, healthcare, retail.
With the new funding, Flipspaces plans to:
- Expand presence in India, US, UAE
- Deepen supply-chain integration
- Enhance its proprietary technology stack, especially AI-led interventions
- Explore strategic acquisitions in adjacent categories.
Flipspaces has delivered over 1,000 projects covering more than 8 million square feet across its markets. In FY24, it registered revenue of around ₹190 crore, up nearly 90% from ~₹100 crore in FY23. Losses narrowed from ₹19 crore in FY23 to ₹8 crore in FY24.
This round reflects growing investor confidence in integrating technology (AI, VR) with traditionally fragmented sectors like interior design & execution. Flipspaces is leaning into global expansion (especially US & UAE) while trying to establish a more vertically integrated model (design → procurement → build).
It also signals competitive pressure on established players and other design-tech firms in India, pushing for more tech-led differentiation.
To sustain this growth, Flipspaces will need to manage scaling operational complexity (especially supply chain & cross-border execution), maintain tech discipline, and ensure its acquisitions (if any) are synergy enhancing. Also, converting its strong project footprint into consistent profitability will be key.
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