Flipspaces, the commercial interior design-tech startup, has received INR 50 crore (~USD 5.9 million) in fresh funding from Asiana Fund, a strategic extension of the USD 35 million (~INR 299 crore) funding round raised in May. The new investment will support Flipspaces’ growth plans in India, the United States and the United Arab Emirates.
Asiana Fund, backed by Jalaj Dani, one of the promoters of Asian Paints, joins existing investors Iron Pillar, Synergy Capital Partners and Prashasta Seth’s consortium (Prudent Investment Managers). This new round is a vote of confidence in Flipspaces’ tech-led, end-to-end commercial interior design platform, which is gaining traction both in India and internationally.
Global Playbook: Scale, Tech and M&A
Founded in 2015 by Kunal Sharma, Ankur Muchhal, Vikash Anand, Mrinal Sharma, Prafful Sahu and Ritesh Ranjan, Flipspaces offers a full-stack, technology-driven design and build solution for commercial interiors. Its platform has 3D visualisation, project management, remote collaboration and product sourcing through an integrated digital suite, making it one of the few players offering such comprehensive capabilities.
According to the company, the new capital will be used for:
- Expanding operations in India, the US and UAE
- Enhancing its proprietary technology stack
- Pursuing strategic acquisitions in adjacent sectors and geographies
“Asiana team’s collective experience of over 10 decades in scaling operations and building customer-centric brands will be super helpful to Flipspaces,” said Kunal Sharma, Co-founder and CEO of Flipspaces. “Our core team will benefit greatly from their insights and guidance.”
Performance Metrics and Market Opportunity
Flipspaces has already delivered over 8 million sq. ft. of commercial space to 1,000+ clients globally, across SMEs, large enterprises, co-working hubs and retail brands. The company claims its US operations contribute 20% of total revenue, and both India and the US divisions are profitable.
Financials: INR 190 crore operating revenue in FY24, up 90% from INR 100 crore in FY23. Net losses reduced to INR 8 crore from INR 19 crore.
Public markets ahead, Flipspaces is looking at a reverse flip strategy under India’s fast-track IPO mechanism, aiming for a potential listing by 2026.
Industry Dynamics
Flipspaces operates in a rapidly changing space where tech-enabled design solutions are disrupting traditional workflows. Competitors include well-funded players like Livspace (valued at USD 1.2 billion after a USD 180 million round led by KKR in 2022), HomeLane and Bonito Designs. But Flipspaces’ focus on commercial interiors and proprietary technology, and SaaS driven delivery model gives it a unique position in the market.
According to a report, the interior design software market is expected to reach USD 11.74 billion (~INR 1 lakh crore) by 2030, driven by AI, cloud-based tools and demand for immersive visualization.
Investor Confidence
Jalaj Dani, sponsor of Asiana Fund, said, “Flipspaces has built robust systems that will bring efficiency and transparency to commercial interiors. We are proud to back this next phase of growth.”
Apurva Patel, CIO at Synergy Capital, said, “Asiana Fund’s entry strengthens our syndicate and aligns with our belief in Flipspaces’ vision to make commercial interiors global.”
Final Words
Flipspaces is consolidating its leadership in the commercial interior design-tech space with strong investor backing, a strong technology moat and a clear path to profitability and listing. Asiana Fund’s investment cements its position as a serious player in the global interiors space and growth is now on the fast track.
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