Carpediem Capital exits Flipspaces with 9X returns at $120M valuation
The exit, completed in August, was part of Flipspaces’ $50 million Series C round led by Iron Pillar, with participation from Synergy Capital Partners, Prudent Investment Managers, Panthera Growth Partners, Crescent Enterprises’ CE-Invests, and SMBC Asia Rising Funds.
Private equity firm has exited its investment in , a tech-enabled commercial design and build firm, delivering around 9x returns and an internal rate of return of nearly 40%.
The exit, completed in August this year, was part of Flipspaces’ $50 million Series C round led by Iron Pillar, with participation from Synergy Capital Partners, Prudent Investment Managers, Panthera Growth Partners, Crescent Enterprises’ CE-Invests, and SMBC Asia Rising Funds. The transaction valued Flipspaces at about $120 million.
Hithendra Ramachandran, Managing Director of Carpediem Capital, noted that Flipspaces has been among the most successful companies in their portfolio, underscoring the firm’s investment approach of supporting enterprises that bring order to fragmented service sectors.
"This success reflects Carpediem Capital’s approach of not merely being a provider of capital, but as a true partner in building businesses. The management team at Flipspaces has shown the rigour and resilience to manoeuvre profitable growth despite facing existential challenges during the pandemic days,” he said.
Carpediem first invested $1.8 million in Flipspaces in December 2018 during its Series A round, acquiring a minority stake. During its holding period, Flipspaces grew its revenue more than 11 times, expanded operations to the United States (which now contributes about 20% of revenue), and served over 1,000 clients across 8.5 million sq. ft. of commercial space.
The company also strengthened its proprietary VR visualisation technology and delivered projects for clients such as TCS.
“Carpediem has been more than an investor. They have been a true partner in our journey. Their belief in us, strategic guidance and active support have enabled us to innovate, expand and build a strong presence across domestic and international markets," said, Kunal Sharma, Co-Founder, Flipspaces.
"With our new investors joining in, we’re ready to take the next big leap and redefine what’s possible in commercial interiors, while remaining deeply grateful to Carpediem for the foundation and trust we built together," he added.
Flipspaces today employs around 400 people. Carpediem supported its expansion into new geographies, entry into large enterprise accounts, and helped strengthen governance frameworks by introducing leadership hires and reporting systems.
The Flipspaces exit adds to Carpediem Fund I’s performance record, which includes realised exits from Yaantra, acquired by Flipkart in 2022 for $40 million, and fashion jewellery brand Sukkhi.
Other portfolio companies include Biryani Blues, Adinath Agro, Nysaa Retail, and Sindhuja Microcredit.
Fund I is on track to deliver a realised internal rate of return of over 30%.