Carpediem Capital, a private equity firm, has announced its full exit from Flipspaces, a tech-enabled commercial design-and-build leader, delivering 9x returns for Carpediem Capital Fund I.
The exit was concluded in August 2025 through a secondary sale to PE funds and family offices, as part of a larger Series C primary funding round led by Iron Pillar, with participation from other investors including Synergy Capital Partners, Prudent Investment Managers, Panthera Growth Partners, Crescent Enterprises’ CE-Invests, and SMBC Asia Rising Funds. In total, funds amounting to $50 million were raised. The transaction valued Flipspaces at ~$120 million, delivering an impressive ~9x multiple on invested capital (MOIC) and ~40% IRR for Carpediem.
Carpediem first invested $1.8 million in Flipspaces in December 2018 during its Series A round, acquiring a significant minority stake through equity shares.
Since Carpediem’s investment, Flipspaces has achieved 11x revenue growth, expanded into international markets such as the U.S. (now contributing ~20% of revenues), strengthened its proprietary tech stack, and delivered projects for marquee clients, including TCS. Today, Flipspaces operates with 400 in-house employees, having served over 1,000 clients, covering 8.5 million sq. ft. of commercial space globally.
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 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.”
Kunal Sharma, Co-Founder, Flipspaces, said, “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. 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.”
