India’s commercial interior design startup Flipspaces on Wednesday said it has raised $35 million in a mix of primary and secondary capital in a funding round led by Iron Pillar, marking a full exit for early-stage investor Carpediem.
Prudent Investment Managers and Synergy Capital Partners also participated in the round. Carpediem first invested in Flipspaces’s Series A round in 2018.
Founded by Kunal Sharma and Ankur Muchhal in 2015, Flipspaces offers a one-stop solution for the discovery, design, and delivery of commercial spaces for small and medium enterprises (SMEs), startups, and co-working spaces. It provides a tech-enabled approach through its technology suite, powered by VR and a tech-based gaming engine.
The Mumbai-based venture will use the fresh funds to accelerate expansion in India, the US, and UAE; double down on technology; strengthen its brand positioning; and explore acquisitions in newer markets and adjacent categories.
According to Tracxn, the firm last raised $4 million in its Series A round of funding in 2023.
The interior design and home furnishing market in India, which is pegged to be worth around $31 million, has attracted considerable investor interest.
In December, furniture platform WoodenStreet raised $43 million in its Series C funding round from Premji Invest. In August 2024, private equity giant Warburg Pincus bought a majority stake in Indian furniture hardware company Ebco.
Previously, furniture rental marketplace Rentomojo raised around $25 million in its ongoing Series D and Series D1 funding round led by Edelweiss. In September, Mumbai-based interior design startup Flipspaces raised $4 million in its pre-Series B funding round led by Prashasta Seth, former CEO of IIFL AMC.
In September, home interior startup Homelane agreed to buy smaller rival DesignCafe in a deal that will value the combined entity worth Rs 3,000 crore ($358 million).
