Carpediem Capital Exits Flipspaces with Ninefold Returns The exit was completed in August 2025 through a secondary sale to private equity funds and family offices, coinciding with a larger Series C primary funding round led by Iron Pillar.
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Carpediem Capital, an Indian private equity firm focused on nurturing SME leaders in the consumption and services sectors, has announced its full exit from Flipspaces, a tech-enabled commercial design-and-build company, generating nine times the original investment.
The exit was completed in August 2025 through a secondary sale to private equity funds and family offices, coinciding with a larger Series C primary funding round led by Iron Pillar. Other participants included Synergy Capital Partners, Prudent Investment Managers, Panthera Growth Partners, CE-Invests, and SMBC Asia Rising Funds.
The round raised USD 50 million, valuing Flipspaces at approximately USD 120 million and delivering a return multiple of nine times on invested capital and an internal rate of return of about 40 percent for Carpediem.
Carpediem initially invested USD 1.8 million in Flipspaces in December 2018 during its Series A round, acquiring a significant minority stake.
Since then, Flipspaces has achieved elevenfold revenue growth, expanded into international markets including the US, strengthened its proprietary technology platform, and delivered projects for major clients such as TCS. The company now employs 400 staff and has completed projects across 8.5 million square feet of commercial space for over 1,000 clients globally.
Hithendra Ramachandran, Managing Director of 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."
Carpediem has previously backed first-generation entrepreneurs in companies such as Yaantra, Biryani Blues, Sukkhi, and Sindhuja Microcredit, demonstrating a consistent strategy of supporting early-stage SMEs with growth capital, strategic guidance, and governance support.
Flipspaces' high-return exit reinforces Carpediem Capital Fund I's track record of strong performance, with realised IRRs exceeding 30 percent.
