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Private equity firm Carpediem Capital, focused on building SME leaders in India’s consumption and services sectors, has announced its full exit from Flipspaces, a tech-enabled commercial design-and-build leader. The exit delivered 9x returns and ~40% IRR for Carpediem Capital Fund I.
The exit was executed in August 2025 through a secondary sale to PE funds and family offices, as part of a $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. This transaction valued Flipspaces at approximately $120 million.
Carpediem first invested $1.8 million in Flipspaces during its Series A round in December 2018, acquiring a significant minority stake. The firm backed the company for its entrepreneurial founding team, VR-powered visualization technology, end-to-end design-and-build model, and the opportunity to organize a fragmented, execution-heavy industry.
Since Carpediem’s investment, Flipspaces has recorded 11x revenue growth, expanded into the U.S. market (now contributing ~20% of revenues), built a robust tech stack, and delivered projects for marquee clients such as TCS. Today, Flipspaces employs 400 in-house professionals, has served over 1,000 clients, and executed projects covering 8.5 million sq. ft. of commercial space worldwide.
Carpediem also played a key role in Flipspaces’ growth by strengthening leadership with a Finance Head, improving governance frameworks, and leveraging its network to connect the company with major real estate firms and SME clients, ensuring repeat business opportunities.
Hithendra Ramachandran, Managing Director, Carpediem Capital, said: “Flipspaces has been one of the standout performers in our portfolio, validating our thesis of backing businesses that bring structure to fragmented service sectors. This success reflects Carpediem Capital’s approach of not merely being a provider of capital, but a true partner in building businesses. The Flipspaces team has demonstrated resilience and rigour, achieving profitable growth despite challenges during the pandemic.”
Kunal Sharma, Co-Founder, Flipspaces, added: “Carpediem has been more than an investor — they have been true partners in our journey. Their belief, strategic guidance, and active support helped us innovate, expand, and establish a strong domestic and international presence. With new investors on board, we are ready to take the next big leap in redefining commercial interiors.”
Carpediem’s Flipspaces exit, along with successful exits such as Yaantra (acquired by Flipkart in 2022) and Sukkhi, reinforces Fund I’s realized IRR of over 30%, underlining the firm’s track record of nurturing first-generation founders and scaling high-potential SMEs in India.
