Delhi: India’s emergence as a corporate and startup hub is fueling an unprecedented demand for co-working & managed spaces, leading to tremendous flexible workspaces industry growth in recent years. Stylework’s impressive growth and innovative approach have caught the attention of the industry, leading to a successful Series A1 funding of USD 2 Mn at a USD 20 Mn valued deal, from institutional investors including Capriglobal Holdings, QI Ventures & some undisclosed family offices. Existing investor WFC along with iAngels Network, Sateeq Invest, Impactful Pitch structured syndicates & some marquee industry mix global HNIs also participated in the round. Founded by 30 Under 30 entrepreneur Sparsh Khandelwal, Stylework has established a strong foothold as a co-working space aggregator in India.
Headquartered in Gurugram, India, Stylework was founded in 2016 by Sparsh Khandelwal and has become a prominent player in the flexible workspace market, leading with a significant impact on the industry over the years. The company has expanded its partnered coworking supply presence from three cities to ten and further to 50+ cities and currently operates in 80+ cities. In the initial years of 2017-19, Stylework adopted the flex discovery platform approach, however as the decentralization of corporate offices amid the global pandemic raised the hybrid model’s growth from 3-5% to 25-30%, Stylework eventually launched its Corporate Product Suite in the year 2021, to disrupt & solve for the medium & large sized occupiers(companies) from a centralised dashboard platform.
In light of Stylework’s recent series A1 funding, Sparsh Khandelwal, the Founder and CEO of the company, shared, “The closing in of Series A1 has ignited the excitement of witnessing the growth cycle of the technological evolution of flexible workspace marketplace in India. There is no doubt that the co-working spaces’ membership architectures still need lots of bundling work. To scale it and significantly impact the coworking industry, in this amazing growing ecosystem in India, it needs our focused product’s attention to detail and deep integrations with our multiple supply coworking brand partners, and we will be diligently working towards the same.”
He further added, “Now with the upcoming rounds of funding including Series A2 & B, the team at Stylework will focus on further building and growing our advanced flexible workspace aggregator technology and product for corporates, which will open the decentralized hybrid workspace transactions, their monitoring, handling, and allocations, from the centralized window dashboard, at a much larger scale. At present, we have our presence in 80 tier I, tier II, tier III, and tier IV cities, and we intend to keep our maximum focus on penetrating deeper into the Indian market share, while parallelly opening the launch and growth pads in SEA & MENA regions as well.”
tylework, a B2B SAAS marketplace model, has more than 2500+ partnered co-working spaces on its platforms across India and is in partnership with 250+ all-category coworking & managed office operator brands for the same. Currently, they have 5,00,000+ seats, with 25 million+ Sq ft supply in the aggregated flexible workspaces network. Their active clientele/occupiers include over 250+ B2B corporates and 300+ SMEs/start-ups. Up until now, Stylework’s GMV has crossed 16 Million USD. They have sold approximately 22,000+ seats since inception, with each seat generating a net revenue of INR 10-12 K.
QI Ventures’ CEO & Founder, Ayan Chatterjee, also said, “I believe that coworking is not just the future of work, but the future of how we live and thrive together. Excited times ahead to see how the coworking aggregation industry & now our portfolio brand, Stylework, unleash massive growth in Indian and potentially international markets.”
While talking about investment in Stylework, Neeraj Tyagi, Co-Founder & CEO of We Founder Circle, stated, “With the rise of hybrid flexible work mode, there is a huge demand for flexible and managed workspace solutions, and a B2B SAAS – coworking aggregator venture like Stylework, has the potential to revolutionize the way companies will formulate their flex workspace strategies. We are very impressed with the way Stylework has pivoted and become one of the most preferred partners for enterprises for flexible work solutions.”
With hybrid (committed & pay-per-use mixed) billing mechanisms & additional analytical/predictive features, Stylework Corporate Product Suite aids businesses in optimizing office space expenditures, better-allocation mechanisms to employees for these flexible workspaces, increasing productivity, effectiveness, and saving costs for the present and the future. Owing to all the hard work that the team has been putting in, the company is closing this FY 2022-23 at $9-10 million+ GMV ($1.7-1.8 million net revenue), indicating a robust financial performance & reflecting the outstanding progress they have made in the flexible workspace technology market. With this impressive growth trajectory, Stylework has set its sights even higher and is projecting a GMV of $30-35+ million in the upcoming financial year. The ambitious goal clearly indicates Stylework’s steadfast dedication to achieving excellence and fostering innovation in the workspace market.
