Interior design startup Flipspaces raises $35 million led by Iron Pillar

Interior design startup Flipspaces raises $35 million in funding round led by Iron Pillar

Flipspaces has raised $35 million in a fresh funding round led by technology growth investor Iron Pillar, the Mumbai-based interior design startup said on May 7.

The round, which included a mix of primary and secondary capital, also saw participation from Synergy Capital and existing investor Prudent Investment Managers.

The funds will be used to accelerate growth across India, the US and the UAE, strengthen Flipspaces' technology and brand leadership, and explore inorganic growth opportunities in new geographies, Flipspaces said in a statement.

The US accounts for 20 percent of its revenue, while its Indian and UAE businesses are profitable, the company said.

BDA Partners was the advisers for the deal, which saw early-stage investor Carpediem make an exit.

“We recognised that this large and growing market was burdened by inefficiencies stemming from fragmented supply chains, operational complexity, and limited technology adoption,” Ashok Ananthakrishnan, Partner, Iron Pillar, said.

Flipspaces has scaled to $40 million in revenue in a capital-efficient manner. “With its 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,” he added.

The company had in September 2023 raised $4 million in a pre-series B round led by Prashasta Seth and others.

Founded in 2011 by Kunal Sharma, Flipspaces offers a fully integrated, tech-first design and build solution focused on the small and medium business (SMB) spaces. The company claims to address prevailing industry challenges of fragmented services, lacking transparency of cost, time and quality.

“At Flipspaces, we're building a technology-led brand aimed at transforming the customer experience in commercial design and build, globally. Our conviction lies in scaling with both speed and sustainability driven by a replicable, tech-powered delivery model that balances growth with profitability,” Sharma, who is also the CEO of Flipspaces, said.

The company claims to have scaled at over 65 percent CAGR over the last four years while remaining profitable – delivering over 8 million square feet of commercial spaces for over 1000 brands across India and USA.