India, Sept. 25 -- Mumbai-based PE firm Carpediem Capital has exited Flipspaces with 9X return, seven years after first backing the interior design startup.

In a statement, the PE firm said it scored 40% internal rate of return (IRR) on the investment. Carpediem had invested $1.8 Mn in Flipspaces in December 2018, acquiring a minority stake during its Series A round. It exited the startup during its $50 Mn Series C round earlier this year.

Carpediem claimed that Flipspaces scaled its revenue 11X during this period, expanded into the US market (which now contributes 20% of revenue), and executed projects for clients like TCS.

Notably, Flipspaces reported a net loss of INR 8 Cr on an operating revenue of INR 190 Cr in FY24. The startup i...