SUMMARY
In 2021, Stylework launched Corporate Product Suite to offer a decentralised dashboard platform
The startup is present in 80 Tier-I, II, III, and IV cities
Stylework is backed by seven investors with We Founder Circle and Inflection Point Ventures being the latest ones to join
Coworking marketplace Stylework has raised $2 Mn funding from Capri Global Holdings, QI Ventures. Existing investors such as WFC along with iAngels Network, Sateeq Invest, Impactful Pitch among others also participated in the round.
Founded by Sparsh Khandelwal in 2016, Stylework started offering flexible coworking spaces to the clients, matching their business requirements.
Later in 2021, Stylework launched Corporate Product Suite, to offer a decentralised dashboard platform to medium and large-sized businesses.
Commenting on the funding round, Khandelwal said, “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 decentralised hybrid workspace transactions, their monitoring, handling, and allocations, from the centralised window dashboard, at a much larger scale.”
The startup is currently present in 80 Tier-I, II, III, and IV cities. Per Khandelwal, Stylework aims at keeping maximum focus on penetrating deeper into the Indian market and entering the SEA & MENA regions.
With hybrid billing mechanisms and additional analytical/predictive features, Stylework Corporate Product Suite aids businesses in optimising office space expenditures, better-allocation mechanisms to employees for these flexible workspaces, increasing productivity, effectiveness, and saving costs.
In its press statement, Stylework claimed to have closed FY22 at $1.7-1.8 Mn net revenue. With the increasing adoption of hybrid work-model, the coworking workspace witnessed growing attention from investors and industry. For example, at the very beginning of the pandemic, WeWork had announced an investment of $100 Mn in its Indian unit. Further, in April 2022, Bengaluru-based coworking startup IndiQube bagged around $30 Mn funding led by Westbridge Capital.
Further, the Indian coworking space has grown significantly over the last two years and several startups have emerged locally. ClayWorks Spaces, myHQ, Workly, Table Space etc are a few names operating in this segment.
Also, the Coworking Space Global Market Report 2023 by ReportLinker found that the coworking space market is estimated to grow from $16.17 Bn in 2022 to $19.05 Bn in 2023.
