Co-working aggregator platform, Stylework has raised Rs 4 crore as well as a strategic undisclosed investment amount in its Pre-Series A round, led by Inflection Point Ventures.
ah! Ventures, We Founder Circle, Instarto & select potential HNI/Angel investors, Rachit Poddar from Marwari Venture Catalysts, Anil Gupta - Ex-President Reliance Infrastructure/General Electric & Sunaina Gera - CEO GridLines, also participated in the round.
Stylework helps freelancers, start-ups, and corporates find the right type and any custom membership of a co-working space, with the core intent to empower the incoming era of remote working.
The team will invest the current fundraise to expand its network in tier-1 cities - Bengaluru, Mumbai, Hyderabad, Pune and Chennai. A fair portion will also be used to upgrade technology and boost product growth. Significant attention will be given to capture market share fast with an aim to become a market leader in co-working aggregation.
This is IPV’s fifth deal and the venture is likely to invest Rs 155 crore across 60 start-ups this year.
While commenting on the investment, Vinay Bansal, Founder & CEO, IPV said, "Stylework aims to unlock commercial co-working real estate by making it available in a flexible way. One can opt for their choice of office environment that is best suited for them from their own home city. Such unique models are a result of the COVID pandemic, which has forced a majority of the workforce to work from home. However, not everyone has a dedicated home office and wants to seek cost-effective and covid safe solutions that will work for them. This is a huge target market and Stylework is addressing this opportunity in a timely manner. Large corporates are now moving out from expensive commercial real estate and encouraging their employees to work remotely from such co-working or private offices. Sparsh and his team are poised to leverage this new business opportunity, making it an attractive proposition for us to invest.”
The strong network of Investors in India as well as abroad have come on board as a strategic investment partner along with monetary benefits for the startup.
Founded in 2017 by Sparsh Khandelwal, Stylework is currently based out of NCR region and offers flexible co-working spaces in 800+ locations, catering to around 1.5 lakh seats inventory and services 120+ corporates and 3000+ freelancers/startups. The team raised INR 75 lakhs in a Seed Round in 2019. It has achieved 25x revenue growth till date.
The Indian co-working market for Stylework currently stands at $10 billion and is expected to grow to $80 billion by FY 2022-23. The global co-working market currently stands at $1.6 trillion and is expected to touch $3 trillion by FY 2022-23.
Commenting on the fundraise, Sparsh Khandelwal, Founder & CEO, Stylework said, "IPV as our lead investor, helped Stylework raise this fresh round of Pre–Series A funding. This timely infusion of cash will help us leverage the rise of the flexible and hybrid work model industry. With our innovative remote working customisation, we are putting the power back in the hands of the employees and entrepreneurs empowering them to acquire their own working space at their own pace and own city. In 2021-22, we aim to add more corporates to our client list and establish footprints in Tier 1 & 2 cities across the nation. We look forward to building a futuristic work model that enhances the lives of people through the use of our ‘empowering remote working - flex spaces’ product."
Stylework has been a part of Newchip Accelerator, Texas (US) in July 2020 with a 100 percent Scholarship. The start-up has also recently closed Strategic Alliances with TiE Global and is in conversation with several prospect communities to join hands with it to realise its future-ready to work model. Stylework’s strengths include scalable technology, B2C application, B2B product, and advanced features of co-working aggregation. The startup claims it also offers multilocational & custom memberships involving multiple brands which any single co-working brand does not offer. It will soon be hosting high-definition virtual tours on its application.
(Edited by : Aditi Gautam)
First Published: IST