Bengaluru and San Francisco-based Flam has closed the largest funding round of its five-year existence a $40 Mn Series B led by QED Investors, with an unusually starry investor list including actor Shah Rukh Khan's family office.
The round is roughly 9x the size of Flam's previous raise just two years ago, though the company hasn't disclosed a valuation. That combination a sharp jump in round size with no valuation talk usually signals one of two things: a steep valuation increase the company isn't ready to publicize, or a structure that let early investors quietly take some liquidity off the table.
The Details
- Round size: $40 Mn (~₹383 Cr), Series B a mix of primary and secondary capital
- Lead investor: QED Investors
- Also participating: Shah Rukh Khan's family office, Claypond Capital, plus returning backers RTP Global and Dovetail
- Valuation: Not disclosed
- Funding trajectory: $3.5 Mn seed (2021) → $4.5 Mn pre-Series A (2024) → $40 Mn Series B (2026)
- The jump: roughly 9x its last round size, in just over two years
No Headset, Just a Phone Camera
Flam was built by Shourya Agarwal, Malhar Patil and Amit Gaiki on a simple premise: skip the headset, use what people already have.
Scan a QR code, and a brand's ad, product demo, or packaging turns into something you can interact with instead of just watch.
Three products carry the business. Flicks lets interactive video swap people, products or scenes mid-playback. Forge is an AI editing model for tweaking visual elements. Airboards delivers 3D content navigable by touch and voice.
The company holds over 15 patents, and claims Flicks streams content with a 50-millisecond time-to-first-buffer the kind of detail that matters because laggy MR content just doesn't get used twice.
The traction backs it up: 100+ enterprise customers signed in six quarters, including Google, Reliance, Hyundai and Grab a pace of roughly 16-17 new logos every quarter.
An Industry Suddenly Getting Investor Attention
This raise doesn't exist in isolation. AR/VR training startup AutoVRse raised $2.4 Mn in June. Immersive-experience player Ctruh picked up $2.5 Mn in April. Eyewear giant Lenskart just increased its stake in AjnaLens's parent company.
Investors across the board are placing bets that mixed reality is finally graduating from marketing gimmick to enterprise line item.
The money itself is going toward AI model R&D, product expansion, and enterprise sales globally including a new partnership with Indonesia's Emtek to push into Southeast Asian brands.
Flam's own target: $100 Mn in ARR by next year, which implies roughly 2.5x growth from wherever its revenue sits today.
What the Numbers Don't Tell You
The real story here isn't the $40 Mn it's what's not disclosed. No valuation, no retention numbers, no indication of how many of those 100+ logos moved past pilot budgets into recurring spend.
Customer count is the easiest metric to make look good in enterprise SaaS; usage depth is the one that actually predicts survival.
Flam has clearly won the "get brands to try it" battle. The next 12 months will show whether it can win the harder one getting them to keep paying.
The Bottom Line
Flam has the logos and the capital. What it needs to prove next is that mixed reality can hold a brand's attention and budget past the pilot.
