[Funding alert] Stylework raises Rs 4 Cr led by Inflection Point Ventures
, a Gurugram-based co-working aggregator platform with a pan-India presence, has raised Rs 4 crore in a pre-Series A round led by Inflection Point Ventures (IPV).
We Founder Circle, ah! Ventures, Instarto, and angel investors including Rachit Poddar of Marwari Catalysts Ventures, former President of Reliance Infrastructure/General Electric Anil Gupta, and Gridlines CEO Sunaina Gera also participated in the round.
The startup will invest the funds to expand its network in Tier-I cities Bengaluru, Mumbai, Hyderabad, Pune, and Chennai. A fair portion will also be used to upgrade technology and boost product growth.
IPV CapitalFounder and CEO Vinay Bansal 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."
IPV said the Stylework investment is its fifth deal and it is likely to invest Rs 155 crore this year into 60 startups.
"IPV as our lead investor helped Stylework raise this fresh round of pre–Series A funding," said Stylework Founder and CEO Sparsh Khandelwal. "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.”
He said that in 2021-22, the startup aims to add more corporates to its client list and establish footprints in Tier-I and Tier-II cities.
According to Stylework, the co-working market in India is worth $10 billion and is expected to grow to $80 billion by the end of FY 23, whereas the size of the global co-working market is $1.6 trillion at present and is expected to touch $3 trillion during the same period.
Founded in 2017, Stylework offers co-working spaces in more than 800 locations, with around 1.5 lakh seats, and services 120-plus corporate entities and over 3,000 freelancers/startups. The co-working startup earlier raised Rs 75 lakh in a seed round in 2019. Since then it has achieved 25 times revenue growth till now, it said.