Private equity firm Carpediem Capital has fully exited Flipspaces, a tech-enabled commercial design-and-build leader. In another development, Zeropearl VC, founded by venture capitalist Bipin Shah, has closed its maiden fund at nearly $18 million.
Carpediem Capital fully exits Flipspaces
Private equity firm Carpediem Capital on Thursday announced its full exit from Flipspaces, a tech-enabled commercial design-and-build leader, delivering 9x returns for Carpediem Capital Fund I.
In a statement, Carpediem said that the exit concluded in August 2025 through a secondary sale to PE funds and family offices, as part of a larger Series C primary funding round led by Iron Pillar, with participation from other investors including Synergy Capital Partners, Prudent Investment Managers, Panthera Growth Partners, Crescent Enterprises’ CE-Invests, and SMBC Asia Rising Funds.
In total, funds amounting to $50 million were raised, which valued Flipspaces at $120 million.
Carpediem first invested $1.8 million in Flipspaces in December 2018 during its Series A round, acquiring a significant minority stake through equity shares.
Since Carpediem’s investment, Flipspaces claims to have achieved 11x revenue growth, expanded into international markets such as the US (now contributing around 20% of revenues), strengthened its proprietary tech stack, and delivered projects for marquee clients including TCS.
Currently, Flipspaces operates with 400 in-house employees, having served over 1,000 clients, covering 8.5 million sq. ft. of commercial space globally.
Zeropearl VC closes maiden fund
Zeropearl VC, founded by venture capitalist Bipin Shah, has closed its maiden fund at nearly $18 million (Rs 159 crore).
According to a report in Entrackr, the fund was oversubscribed by 3.5 times its original target of ₹80 crore, attracting commitments of over ₹280 crore before Shah capped it at the planned corpus size.
Zeropearl VC focuses on founder-centric investments at the pre-seed and seed stages, with a preference for the consumer internet, generative AI, and SaaS sectors. More than 52% of the fund’s capital is backed by 31 accomplished founders, including 19 leaders of unicorn companies and multiple entrepreneurs with IPO experience, per the report.
