Co-working space aggregator Stylework plans $100 mn IPO in two years

The company is also riding on the IPO wave that flex space providers like Smartworks Coworking Spaces, Table Space, and Indiqube Spaces.

Coworking space aggregator Stylework is planning a $100 million (₹830 crore) initial public offering within the next two years, prior to which it will raise funds through pre-IPO round of $30 million, said Chief Executive and cofounder Sparsh Khandelwal. 

“A pre-IPO would be a $30 million round, with a $20 million equity and $10 million venture around it. The IPO can go up to $100 million, which is our FY27-FY28 plan,” he said in an interaction with Business Standard, while adding that while equity dilution was yet to be decided, the company was open to bringing in strategic investors. Within FY26, the Gurugram-based company will raise $6 million through a pre-series B funding round, of which $2 million will be venture debt and the rest will be through equity. 

Funds from the pre-series, pre-IPO would be channelled towards working capital requirements, for scaling operations and expanding to markets beyond India. The company is capitalising on the massive demand for office space and flex working spaces by Indian as well as multinational companies that want to save on cost yet get more people to work from office. 

“The demand is high due to GCCs as well, and the current consumption story is at the peak. India has become the biggest market of co-working and managed offices, leaving the US behind at No. 2,” he noted. 

In the first quarter of 2025 (Q1 2025), the flex office segment continued to grow as the flex space leasing grew by 22 per cent to 2.2 million square feet (msf), according to Colliers.  

Delhi National Capital Region (NCR), Pune, and Bengaluru accounted for 80 per cent of total flex space uptake. JLL estimates the operational footprint of flex space across India's top seven cities to surpass 100 msf by 2026 from the current stock of over 74 msf.

Stylework enters into master services agreements with office space seeking companies globally and offers them working spaces as well as managed offices - together known as flex offices - across the country either through lease or sub-lease with operator or developer. 

The company is also riding on the IPO wave that flex space providers like Smartworks Coworking Spaces, Table Space, Indiqube Spaces, Bhive Workspace, Simpliwork, and WeWork, are either gearing up or have already raised funds, reflecting the maturity in the segment. Awfis Space Solutions’ IPO of Rs 598.93 crore in 2024 was India’s first IPO from the flex office segment. Bengaluru-based Table Space is reportedly planning for a high-value IPO.

 

 

The co-working brand currently serves around 1,500 clients, including L&T Energy Hydrocarbon, Clix Capital, and Khaitan & Co. Looking ahead, it aims to onboard 5,000 more clients over the next two years. Additionally, the company plans to acquire co-working/co-living aggregate solutions in FY26 & FY27, respectively.

 

Stylework aims to sell 55,000–65,000 seats in FY26, with India accounting for 85 per cent of total sales including international markets like Singapore, Dubai, Australia, and Abu Dhabi. The company also plans to add 30,000–40,000 new seats across global markets.

 

Stylework outlined ambitious expansion plans to add 1,000–2,000 centers across over 10 new countries in six months. Currently operating about 4,000 centers in India, the company plans to scale its domestic network to over 10,000 centers by FY25-26.