Office interior design startup Flipspaces raises nearly Rs 300 crore in funding

Mumbai-based office interior design startup Flipspaces has raised $35 million (or nearly Rs 300 crore) in a new funding round led by Iron Pillar, with participation from Prudent Investment Managers and Synergy Capital Partners.

The capital infusion, comprising both primary and secondary transactions, will support the startup's international expansion, technology development, and potential acquisitions. The round also enabled an exit for early investor Carpediem Capital.

It had previously raised $4 million in a pre-Series B round in September 2023, led by Prashasta Seth and other investors.

What does Flipspaces do?

Founded by Kunal Sharma, Flipspaces provides a fully integrated, tech-first design and building solution focused on SMB (Small and Medium Business) spaces—a segment it says accounts for 60% of the total commercial interiors market.

"We are building a technology-led brand aimed at transforming the customer experience in commercial design and build globally," Sharma said.

"Our conviction lies in scaling with both speed and sustainability, driven by a replicable, tech-powered delivery model that balances growth with profitability."

Expanding across India, the U.S., and the UAE

Flipspaces plans to use the raised capital to deepen its presence in India and the United States, the two key markets where it currently operates. The startup, which is also expanding to the UAE, claims to have delivered over 8 million square feet of commercial real estate across more than 1,000 projects, including workspaces, co-working hubs, retail environments, and offices for large enterprises.

It also claims that 20% of its revenue now comes from the U.S., where it has managed to build profitable operations. Notably, Flipspaces also achieved profitability in India, bolstered by growing demand from SMB clients looking for fast, design-forward office solutions.

Financial performance and technology

Flipspaces recorded operating revenue of Rs 190 crore in FY24, marking a 90% increase from Rs 100 crore in FY23. At the same time, the startup reduced its losses from Rs 19 crore in FY23 to Rs 8 crore in FY24. 

A key differentiator for Flipspaces is its proprietary technology stack, which offers clients immersive design visualisations through 360-degree views, offering real-time oversight from the comfort of their offices or homes.

Commenting on the investment, Ashok Ananthakrishnan, Partner, Iron Pillar, said, "We recognized that this large and growing market was burdened by inefficiencies stemming from fragmented supply chains, operational complexity, and limited technology adoption. Flipspaces has scaled to USD 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, USA, and other global markets, and to establish a large, enduring company."