Stylework secures $2 million in Series A1 funding.

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Stylework secures $2 million in Series A1 funding.

Stylework, a marketplace for co-working spaces, has secured $2 million in Series A1 funding from institutional investors such as Capriglobal Holdings, QI Ventures, and undisclosed family offices. The round also saw participation from existing investor WFC, as well as iAngels Network, Sateeq Invest, and Impactful Pitch.

Stylework stated that it raised the funds at a $20 million valuation. The company plans to utilize the funds to enhance and expand its innovative technology and product for corporates in the flexible workspace aggregation space, according to a press release.

Founded by Sparsh Khandelwal, Stylework, a B2B SAAS marketplace model, has more than 2,500 partnered co-working spaces on its platforms across India and is in partnership with over 250 all-category coworking and managed office operator brands for the same.

The Gurugram-based firm claims to have expanded its partnered coworking supply presence from 3 cities to 10 and further to over 50 cities and currently operates in over 80 cities.

At present, the startup has a presence in 80 tier I, tier II, tier III, and tier IV cities, and plans to focus on penetrating deeper into the Indian market share, while parallelly opening the launch and growth pads in SEA & MENA regions as well.

Stylework said that its GMV has crossed $16 million and it has sold approximately 22,000 seats since inception, with each seat generating a net revenue of Rs 10-12K.

Mumbai-based WFC invests $50K- $2 million amount in early-stage startups and has already enabled $20 million worth of investments across 100 startup deals since incorporation.

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