The round witnessed participation from family groups and high net worth individuals (HNIs). Flipspaces is also backed by Carpediem Capital, growth-stage private equity (PE) fund for mid-sized ventures.

The company intends to utilise the funds to drive US vertical growth and increase its newly launched software as a service (SAAS) vertical.

The company has been naturally a profitable business due to its strong unit economics and thus has a long runway with this funding. However, the company continues to engage with like-minded investors who believe in the company's vision and look to partner with us for outsized results in the long term, said Kunal Sharma, founder, and CEO of Flipspaces.

The company has kept furthering our differentiation by tech-enablement in all verticals of business while maintaining a sharp focus on profitability which has supported the company tide through hard times of Covid-19 infused shut-down, Vikash Anand, co-founder, and Head of Business Development.