Stylework, a marketplace for co-working, has raised $2 million in its Series A1 round of funding from institutional investors like Capriglobal Holdings, QI Ventures, and some unnamed family offices. WFC, a current backer, as well as iAngels Network, Sateeq Invest, and Impactful Pitch, took part in the round.
Stylework claims that the money was raised at a $20 million valuation.
According to a press release from the company, the funds will be used to continue developing and expanding our advanced flexible workspace aggregator technology and product for corporates.
Stylework, a B2B SAAS marketplace model founded by Sparsh Khandelwal, partners with over 250 all-category coworking and managed office operator brands and has over 2,500 partnered co-working spaces on its platforms throughout India.
According to the Gurugram-based company, it currently operates in over 80 cities and has increased its partnered coworking supply presence from 3 cities to 10 cities and then to over 50 cities.
The startup currently has a presence in 80 tier I, tier II, tier III, and tier IV cities. It plans to concentrate on expanding its market share in India while opening launch and growth pads in SEA and MENA regions at the same time.
Since its launch, Stylework has sold about 22,000 seats, generating a net revenue of between Rs10 and Rs12K for each one. Its GMV has surpassed $16 million.
Since its incorporation, Mumbai-based WFC has enabled investments totaling $20 million across 100 startup deals, investing between $50,000 and $2 million in early-stage businesses.
