Stylework Raises Pre-Series A Round Led By Inflection Point Ventures
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Co-working aggregator platform Stylework on Monday announced to have raised INR 4 crore and a strategic undisclosed investment amount in pre-Series A round led by angel network Inflection Point Ventures (IPV). ah!Ventures, We Founder Circle, Instarto, and angel investors included Rachit Poddar from Marwari Venture Catalysts, Anil Gupta, ex-president, Reliance infrastructure/general electric, and Sunaina Gera, CEO GridLines, also participated in the round.
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 productivity growth. Significant attention will be given to capturing market share fast with an aim to become a market leader in co-working aggregation.
“In the post-COVID new normal, the professional working environment is far more dynamic. Professionals are continuing to WFH and there is an increase in demand for flexible choices even with their workspaces. Stylework is addressing this segment by making commercial co-working real estate easier than before. Companies that are encouraging their employees to WFH can use Stylework’s services to opt for office space most convenient to them, the size of the office they prefer, and much more. The addressable market is professionals who don’t have a dedicated home office and with WFH catching up in India, it is expected to be a big market. At IPV, we always encourage such unique models as our thesis to back great founders with a vision to capture a large market. We see those elements playing out in Stylework and decided to go ahead with the investment,” said Vinay Bansal, founder, and chief executive officer, IPV.
Founded in 2017 by Sparsh Khandelwal, the company is currently based out of the NCR region and offers flexible co-working spaces in over 800 locations, catering to around 1.5 lakh seats inventory and services over 120 corporates and more than 3,000 freelancers/startups.
The team has raised INR 75 lakh in a Seed Round in 2019, from where it has achieved twenty-five-times revenue growth to date.
Its strengths include scalable technology, B2C application, B2B product, and advanced features of co-working aggregation. The startup also offers multi-locational and 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, the company 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 customization, 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-I and tier-II 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," added Sparsh Khandelwal, founder, and chief executive officer, Stylework.
The company has been a part of Newchip Accelerator, Texas (US) in July 2020 with a 100 per cent Scholarship. The startup has also recently closed Strategic Alliances with TiE Global and is in conversation with several prospective communities to join hands with it to realize its future-ready-to-work model.
The Indian co-working market for Stylework currently stands at $10 billion and is expected to grow to $80 billion by FY 2022-23 end, whereas the global co-working market currently stands at $1.6 trillion and is expected to touch $3 trillion by FY2022-23 end.