Stylework is a Gurugram-based unconventional co-working space aggregator platform that aims to revolutionise the way people work. The start-up has recently announced to have raised funds worth INR 4 crore in its latest Pre-Series A financing round led by Inflection Point Ventures or IPV.
Founded back in 2016 by Sparsh Khandelwal, Stylework offers co-working spaces to over 800 locations in India with over 1.5 lakh seats. The start-up started out with only INR 75 lakh being raised in its seed round and today, it has recorded over 25 times revenue growth, as mentioned in the company profile.
Coming back to the funding, existing investors including We Founder Circle, Instarto and ah! Ventures also participated in the company’s latest funding round along with few angel investors- Anil Gupta- former President at Reliance Infrastructure, Rachit Poddar- Marwari Catalysts Ventures and Sunaina Gera- Chief Executive Officer at Gridlines, according to a report by YourStory.
You must be wondering about the impact and consequences of this co-working space start-up after the COVID-19 crisis. Well, the pandemic has only created an opportunity for Stylework to seize and according to Inflection Point Ventures, it is very well doing so in a timely manner.
Vinay Bansal, founder and Chief Executive Officer, Infection Point Ventures comments that Stylework targets to unlock the commercial co-working spaces in real estate by making the service available for the market in a flexible manner. He further added that through this unique start-up service, one can choose the office environment which is best suited to his/her needs and requirements, also from the comfort of one’s home city.
The push given by the COVID-19 outbreak forced most people to work from home and not everyone has a decent home office to carry out his/her daily productivity from the bedroom. Thus, these people look out for cost-effective and COVID-19 safe solutions as quoted by Vinay Bansal that will work for them in these trying times of the pandemic. This is the target audience of Stylework and COVID-19 has created a huge market to which the Gurugram-based start-up will cater its services.
When asked about the latest funding, the start-up mentions utilising this infusion of funds to upgrade and upscale its technology and boost the overall product growth. Other than this, as mentioned in a report by YourStory, the start-up aims to expand its services in Bengaluru, Pune, Hyderabad, Mumbai and Chennai- all Tier-I cities.