Indian co-working aggregator platform Stylework said it has secured 40 million rupees (US$546,000), plus an undisclosed amount of funding, in its pre-series A round led by Inflection Point Ventures.
We Founder Circle, Ah Ventures, and Instarto also joined in the round, alongside angel investors including Rachit Poddar from incubator Marwari Venture Catalysts, ex-Reliance Infrastructure president Anil Gupta, and GridLines CEO Sunaina Gera.
Founded in 2017, Stylework offers co-working spaces in over 800 locations in India and provides services for more than 120 corporations and 3,000 freelancers and startups, said the company. The office-sharing firm also said to have achieved 25x revenue growth since it closed 7.5 million rupees (US$102,441) in a seed round in 2019.
For 2021 and 2022, it aims to add more corporations to its client list and establish its footprint in Tier 1 and Tier 2 cities across the nation, said Stylework founder and CEO Sparsh Khandelwal.
Stylework plans to use the new funds to expand its network in cities such as Bengaluru, Mumbai, Hyderabad, Pune, and Chennai. It’s also targeting to improve its technology and develop more products.
The startup said it will focus on market expansion as the company aims to become a market leader in co-working aggregation. It has recently formed strategic alliances with Silicon Valley-based TiE Global and is in talks with several communities for cooperation.
According to a report, the co-working space sector across the country is expected to cross 50 million square feet by 2023.
“In the post-Covid new normal, the professional working environment is far more dynamic. Professionals are continuing to work from home and there is an increase in demand for flexible choices even with their workspaces,” said Inflection Point Ventures founder and CEO Vinay Bansal.
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