Flipspaces raises $35 million, Real Estate News, ET RealEstate
NEW DELHI: Flipspaces has raised $35 million in primary and secondary capital round led by Iron Pillar and supported by existing backer, Prudent Investment Managers and Synergy Capital.
The round also saw Carpediem, who are the early stage investors in the company, make an exit. BDA Partners was the advisors for Flipspaces in this fund raise.
The capital raised will be used to accelerate growth across India, U.S. and UAE, strengthen technology and brand leadership, and explore inorganic growth opportunities in new geographies and adjacent categories.
Ashok Ananthakrishnan, partner, Iron Pillar, said, “We recognized that this large and growing market was burdened by inefficiencies stemming from fragmented supply chains, operational complexity, and limited technology adoption. Flipspaces has scaled to USD 40 million in revenue in a capital-efficient manner.”
Flipspaces claims to have scaled at over 65% CAGR in the last four years delivering over eight million sq ft of commercial spaces. US contributes 20% of the overall revenue of the company.
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