Commercial interior design startup Flipspaces raises Rs 50 crore in funding

Flipspaces, a Mumbai-based commercial interior design startup, has raised Rs 50 crore (approximately $5.9 million) in funding from the Asiana Fund, an investment vehicle backed by Asian Paints promoter Jalaj Dani. The round saw continued participation from existing investors including Synergy Capital Partners, Iron Pillar and a consortium led by Prashasta Seth.

The fresh capital marks an extension of the startup's $35 million funding round closed last month and will be deployed to deepen its presence across India, the United States and the United Arab Emirates, while accelerating technology investments and exploring acquisition opportunities.

Founded in 2015 by Kunal Sharma, Ankur Muchhal, Vikash Anand, Mrinal Sharma, Prafful Sahu and Ritesh Ranjan, Flipspaces offers full-stack interior design and turnkey execution services tailored to commercial real estate clients. Its technology suite features proprietary space-visualization tools, project management platforms and product sourcing integrations that aim to streamline and digitize the office buildout process.

“Asiana team’s collective experience of over 10 decades in scaling operations and building customer-centric brands will be invaluable to Flipspaces. Our core team will benefit tremendously from their insights and assistance”, said Kunal Sharma, Founder & CEO of Flipspaces.

Flipspaces would use the new funds to scale its proprietary suite of tools that enable immersive design experiences and 360-degree remote project monitoring, allowing clients to virtually walk through spaces and track progress in real time. The startup is also evaluating strategic acquisitions in adjacent categories to broaden its solutions stack.

“We’re truly impressed by what the founders have built so far—their world-class platform & processes have already transformed dozens of commercial spaces with seamless, tech-driven design and execution. Asiana is proud to back Flipspaces in their next phase of growth and set a new standard in commercial interior design and build,” said Jalaj Dani, the sponsor of Asiana Fund.

“We are elated with Asiana Fund joining our investor group to participate in the Flipspaces transaction, and are looking forward to working closely with Asiana’s team to help Flipspaces achieve its vision”, said Apurva Patel, CIO and Managing Partner at Synergy Capital Partners.

Since inception, Flipspaces claims to have delivered over 8 million square feet of workspace globally for a roster of more than 1,000 clients, including SMEs, enterprises, coworking providers and retail chains.

Financially, the company reported Rs 190 crore in operating revenue for FY24, a 90% jump from Rs 100 crore in FY23. It narrowed its losses to Rs 8 crore in FY24, down from Rs 19 crore the previous year.