Stylework raises Pre-Series A Round led by Inflection Point Ventures
IPV announces Stylework as its fifth deal, funds raised to be used for team expansion, entry in all tier 1 cities, technology and product growth.
Delhi, 8 March 2021: Stylework, the co-working aggregator platform, has raised INR 4 crore & a strategic undisclosed investment amount in Pre-Series A round led by Inflection Point Ventures. ah! Ventures, We Founder Circle, Instarto & select potential HNI/Angel investors that included Rachit Poddar from Marwari Venture Catalysts, Anil Gupta - Ex-President Reliance Infrastructure/General Electric & Sunaina Gera - CEO GridLines, also participated in the round.
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 FY 2022-23 end.
While commenting on the investment, Vinay Bansal, Founder & CEO, IPV said “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 who are encouraging their employees to WFH can use Stylework’s services to opt for office space most convenient to them, 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.” 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 start up.
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 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 till date. The team will invest the current fund raise 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.
Commenting on the fund raise, 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% Scholarship. The startup 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 start-up also offers multilocational & custom memberships involving multiple brands which any single coworking brand does not offer. It will soon be hosting high-definition virtual tours on its application.
Stylework is the brainchild of 25-year-old Sparsh Khandelwal who aims to create a new working model that is agile and flexible to meet the new demands of the professional world. 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. With a vision to create co-working as a software to empower shared economy over an automated product line the team intends to make inroad economic developments into Tier 2 and 3 cities in the country.
About Inflection Point Ventures
Inflection Point Ventures is a 3500+ strong members angel investing firm that supports new-age entrepreneurs, providing them monetary & experiential capital by connecting them with a diverse group of investors. Believing that ‘Everyone can Grow with Startups’, IPV was started in 2018 and plans to invest INR 155 cr in 2021 across 60 startups. IPV’s investors’ base is seeing a massive influx of highly accomplished CXOs and HNIs, looking to invest in startups with rational valuation and sustainable business model.
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