[Funding] Stylework raises Pre-Series A Round led by Inflection Point Ventures

Coworking aggregator platform, Stylework has raised ₹4 crores and a strategic (undisclosed) investment amount in Pre-Series A round. Inflection Point Ventures led the round with participation from ah! Ventures, We Founder Circle, Instarto. Rachit Poddar from Marwari Venture Catalysts, Anil Gupta, ex-President Reliance Infrastructure and Sunaina Gera - CEO GridLines also participated in the round.

About Stylework

Currently, the 4-year-old startup offers flexible coworking spaces in 800+ locations. It also caters to around 1.5 L seats inventory and services 120+ corporates and 3000+ freelancers/startups. The team has raised INR 75 lakhs in a Seed Round in 2019, from where it has achieved 25x revenue growth to date. The team aims to invest the current fundraise to expand its network in tier-1 cities - Bengaluru, Mumbai, Hyderabad, Pune and Chennai. They will also use the funds to upgrade their technology and boost the growth of their products. Further, it will provide significant attention to capturing a notable market share.

Commenting on the fundraise, Sparsh Khandelwal, Founder & CEO, Stylework said that IPV has been their lead investor. “They helped Stylework raise this fresh round of Pre–Series A funding, as well. 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. Further, in 2021-22, we aim to add more corporates to our client list and establish footprints in Tier 1 & 2 cities across the nation.”

From the investor

Vinay Bansal, Founder and CEO, IPV talked extensively about the work model of Stylework. “Stylework aims to unlock commercial co-working real estate by making it available in a flexible way,” he said. “One can opt for their choice of office environment that best suits 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,“ he further adds. “Stylework is addressing this opportunity on time. 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.”

Stylework has been a part of Newchip Accelerator, Texas (US) in July 2020 with a 100% Scholarship. The startup has also recently closed Strategic Alliances with TiE Global. It 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 coworking aggregation. The startup also offers multilocational & custom memberships involving multiple brands which any single coworking brand does not offer. It will soon host high-definition virtual tours on its application.