Stylework, a Haryana-based co-working aggregator has reportedly around USD 548151 in a pre-Series A round led by a prominent early-stage investing firm Inflection Point Ventures (IPV).
The company is planning to use these funds to open its office spaces in Tier-I cities such as Mumbai, Pune, Hyderabad, Bengaluru, and Chennai. Some funds are also likely to be allocated to product growth and technology upgrades.
Other angel investors that participated in the funding round include Marwari Ventures Co-Founder Rachit Poddar, Gridline CEO Sunaina Gaira, Former President of reliance Infrastructure Anil Gupta, and companies like ah! Ventures, We Founder Circle, and Instarto.
Inflection Point Ventures (IPV) CEO and Founder Vinay Bansal was quoted saying that Stylework is poised to unleash the full potential of co-working real estate by making it easily accessible. He added that customers will now be able to work at the most suitable office spaces in their city of choice.
Vinay Bansal further claimed that these innovations are a result of the COVID-19 pandemic. Several consumers have been facing a lack of suitable infrastructure at their homes and require a dedicated as well as a cost-effective workspace that follows all COVID-19 safety protocols.
It is worth mentioning that IPV is planning to invest approximately USD 21 million into 60 Indian startups in 2021 alone, with the Stylework funding being the company’s fifth investment of the year.
Founder and CEO Sparsh Khandelwal of Stylework, reportedly said that the timely investment by IPV will help the company to leverage its services during the country’s critical shift towards a hybrid and flexible work model. Stylework is changing the dynamics by enabling employees and budding entrepreneurs to acquire their own offices and work remotely.
For those unaware, Stylework offers functional workspaces in more than 800 locations with over 1.5 lakh seats, serving 120+ corporate entities and over 3000 startups. The company reported that the Indian co-working market is currently worth USD 10 billion and is anticipated to reach a valuation of USD 80 billion through 2023.
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