Flam Raises $40M Series B Led By QED, Shah Rukh Khan Family Office Invests

Flam has raised $40 million in a Series B round led by QED Investors, with backers including Shah Rukh Khan’s family office, Martin Chavez, Olivier Pomel and Venky Harinarayan joining existing investors RTP Global and Dovetail.

Inc42 puts the sum at roughly ₹383 crore and reports the round mixed primary and secondary capital. Cofounder Shourya Agarwal confirmed a “small portion” was secondary without disclosing its size. SiliconANGLE and GamesBeat name Australian Gulf Capital as a participant, a detail absent from YourStory’s report.

The backers behind Shah Rukh Khan’s involvement are also disputed. YourStory names Claypond Capital as the vehicle representing Khan. Inc42 describes Claypond Capital separately as Manipal Group chairman Ranjan Pai’s family office, and attributes Khan’s participation to his own family office directly.

Three products, one infrastructure bet

Founded in 2021 by BITS Pilani alumni Shourya Agarwal, Malhar Patil and Amit Gaiki, Flam operates out of Bengaluru and San Francisco. SiliconANGLE describes the company’s work as proprietary AI infrastructure for generating interactive videos, real time 3D experiences and visual agents, not a single consumer app.

The product line has three parts. Flicks are interactive videos that swap a person, product or scene mid playback using a patented compression algorithm. Forge is an editing model that alters only a specified element from an image reference. Airboards deliver 3D content through a camera interface with touch, voice and haptic feedback. Flam says it holds more than 15 patents across this stack.

Agarwal describes content’s trajectory as moving from text to images to video, always flowing from creator to viewer, with interactivity as the next step. QED’s Nigel Morris, who led the round, frames it differently: most frontier AI content companies optimise formats that already exist, while Flam targets categories that remain largely untouched.

A fintech investor’s departure from type

QED Investors built its name backing Nubank and Creditas at early stages. Its lead position in a content-infrastructure round breaks from that pattern, and signals the deal is being read as enterprise software rather than a media bet.

Flam says it has signed more than 100 enterprise customers across six quarters, starting with an FMCG client before expanding into learning and development, customer support, sales and, most recently, entertainment and fan engagement. Agarwal says the company grew 70 to 80% quarter on quarter and expects that pace to continue.

The named client list itself conflicts across outlets. YourStory and Inc42 both cite Google, Reliance and Hyundai. GamesBeat’s list instead names Google, State Farm and Diageo.

None of the five sources disclose Flam’s valuation in this round or its prior funding history. That leaves the $40 million figure, or ₹383 crore by Inc42’s conversion, without a stage benchmark: the company’s cap table history remains undisclosed as of this round’s close.

Originally reported by Your Story.