Stylework, an Indian co-working space aggregator, has secured a successful Series A1 funding round, raising $2 million at a $20 million valuation from institutional investors, including Capriglobal Holdings, QI Ventures, and undisclosed family offices.
Existing investor WFC, along with iAngels Network, Sateeq Invest, and Impactful Pitch structured syndicates, and marquee industry mix global HNIs, also participated in the round.
Founded in 2016 by entrepreneur Sparsh Khandelwal, Stylework has established a strong foothold in India’s flexible workspace market, partnering with over 250 coworking and managed office operator brands and having a presence in over 80 tier I, tier II, tier III, and tier IV cities.
Initially, Stylework adopted the flex discovery platform approach, but as decentralization of corporate offices amid the pandemic led to hybrid model growth from 3-5% to 25-30%, the company launched its Corporate Product Suite in 2021 to disrupt and solve for the medium and large-sized occupiers (companies) from a centralized dashboard platform.
Khandelwal said that the funding round would focus on further building and growing their advanced flexible workspace aggregator technology and product for corporates, which would open decentralized hybrid workspace transactions, monitoring, handling, and allocations from the centralized window dashboard at a larger scale.
Stylework’s Corporate Product Suite has more than 2,500 partnered co-working spaces on its platforms across India, and they are in partnership with 250 coworking and managed office operator brands.
They have 5,00,000+ seats, with 25 million+ square feet supply in the aggregated flexible workspace network, and active clientele/occupiers include over 250 B2B corporates and 300 SMEs/start-ups. The company’s GMV has crossed $16 million, having sold approximately 22,000+ seats since inception, with each seat generating a net revenue of INR 10-12 K.
With hybrid (committed and pay-per-use mixed) billing mechanisms and additional analytical/predictive features, Stylework Corporate Product Suite helps businesses optimize office space expenditures, better allocate mechanisms to employees for these flexible workspaces, increase productivity, effectiveness, and save costs for the present and future.
The company is projected to close the fiscal year 2022-23 at $9-10 million+ GMV ($1.7-1.8 million net revenue), indicating a robust financial performance, and is projecting a GMV of $30-35+ million in the upcoming fiscal year, reflecting the outstanding progress they have made in the flexible workspace technology market.