Flipspaces Secures Rs 50 Crore in Funding to Expand Globally
Flipspaces, a Mumbai-based commercial interior design startup, has secured Rs 50 crore ($5.9 million) in funding. The company, which offers full-stack interior design services, has seen continued support from existing investors including Synergy Capital Partners, Iron Pillar, and a consortium led by Prashasta Seth. This new round follows a Rs 35 million funding round closed last month, with additional backing from Accel and DSG Consumer Partners.
Flipspaces will utilise the fresh capital to expand its presence in India, the United States, and the United Arab Emirates. The company aims to accelerate technology investments and explore acquisition opportunities. Despite facing losses, Flipspaces has shown improvement, narrowing its losses to Rs 8 crore ($105,000) in FY24, down from Rs 19 crore ($250,000) in FY23. The company reported Rs 190 crore ($24.8 million) in operating revenue for FY24, a significant 90% increase from Rs 100 crore in FY23. Since its inception in 2015, Flipspaces has delivered over 8 million square feet of workspace globally for over 1,000 clients.
Flipspaces' latest funding round, led by the Asiana Fund backed by Asian Paints promoter Jalaj Dani, will support the company's expansion and technological advancements. With a strong financial performance and a proven track record, Flipspaces is well-positioned to continue its growth in the commercial interior design market.
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