Carpediem Capital, a private equity firm dedicated to creating SME leaders in India’s consumption and services sectors, has announced its full exit from Flipspaces, a tech-enabled commercial design-and-build leader, delivering 9x returns for Carpediem Capital Fund I.
Carpediem partners with high-potential SMEs that build consumer brands or bring structure to fragmented service sectors, typically through significant minority or control stakes, and often as the first or sole institutional investor.
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 USD 50 million were raised. The transaction valued Flipspaces at ~USD 120 million, delivering an impressive ~9x multiple on invested capital (MOIC) and ~40% IRR for Carpediem.
Carpediem first invested USD 1.8 million in Flipspaces in December 2018 during its Series A round, acquiring a significant minority stake through equity shares. The investment thesis was driven by the founding team’s entrepreneurial strength, Flipspaces’ advanced tech-enabled approach with VR visualization technology, its end-to-end design-and-build solution, and the opportunity to organize a highly fragmented, execution-heavy market.
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.
Carpediem supported Flipspaces’ entry into new geographies, including the U.S. market and large enterprise accounts, opening avenues for scalable growth. The firm strengthened the company’s leadership depth by appointing a Finance Head and introducing robust corporate governance frameworks to enhance reporting and tracking efficiency. By leveraging its network, Carpediem connected Flipspaces with large real estate companies and SME clients, fostering long-term relationships and repeat business opportunities.
Nurturing First-Generation Founders
Carpediem’s approach is, its partnership with first-generation entrepreneurs, entering early stage and catalyzing their growth journeys:
- Yaantra: Carpediem successfully exited Yaantra, a mobile repair and refurbishment company, through its USD 40 Mn sale to Walmart-owned Flipkart in February 2022.
- Thea Kitchen (Biryani Blues): NCR’s leading biryani QSR chain with 67 outlets, Biryani Blues, with Carpediem’s support, enhanced operations, expanded its footprint, secured strategic investment from Rebel Foods, and drove growth across delivery and dine-in channels.
- Adinath Agro Processed Foods: Built by first-generation entrepreneur brothers, the company was backed by Carpediem to scale sauce and ketchup production, deepening reach in regional markets.
- Sukkhi: One of India’s leading fashion jewellery brands, Sukkhi has evolved from a marketplace seller to an omni-channel brand with an expanding offline presence, backed by Carpediem’s strategic support.
- Nysaa Retail (1-India Family Mart): Led by first-generation founders, the company received not only expansion capital, but also guidance for their retail strategy from Carpediem’s leaders who joined the board.
- Sindhuja Microcredit: Carpediem’s Series A investment fueled a women-centric rural microfinance platform, empowering 28,000+ women entrepreneurs and extending critical financial inclusion across underserved regions.
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, added, “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.”
Flipspaces’ high-return exit, alongside other successful exits like Yaantra and Sukkhi, underpins Carpediem Capital Fund I’s path toward realized IRR track record of over 30%.
