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Stylework

Future of Work

India, Haryana
Market: Real estate, Services
Stage of the project: Operating business

Date of last change: 03.09.2021
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Idea

Stylework is India’s leading tech-enabled Flexi Space Aggregator for corporates. With first in the industry tech innovations like corporate product suite, real time visibility and dynamic pricing.

Current Status

Stylework's average revenue growth rate- 3.5x year by year over the last 4 years, growing from INR 30L in year-1 to INR 1.2Cr in year-2 to INR 6.5Cr in year-3 to crossing the $ 3M GMV line recently. Stylework’s main app downloads increased from 100 in year-1 to 2500 in year-2 to 10K in year-3 to approx 20K+ so far. Stylework’s total no of spaces on-boarded & no of seats sold increased from 20/75 in year-1 to 100/350 in year-2 to 500/1150 in year-3 to 1000+/4000+

Market

B2C - Freelancers, Consultants & Startups
B2B - Medium & Large sized corporates, institutions, organizations, and working unit across all industries, SMEs

Problem or Opportunity

There is no advanced bridge to connect idle spaces & users of all types. With B2B, too much cost goes out in manual booking models of spaces, direct basis as well as an indirect basis in terms of employee travel, productivity, employee retention, & satisfaction issues.

Solution (product or service)

We leverage technology to provide all-in-one workspace solutions for everyone with advanced features like real-time availability, bidding, dynamic pricing, opening maximum flexibility of memberships, & customized/different featured membership types, covering all flexibility aspects, for our customers. Our B2B product includes a corporate product suite that allows companies to manage their workspace solutions at ease & get access to premium facilities.

Competitors

Key Competitors/Customer Options & Competitive Advantage Our competition includes - Myhq, Qdesq, Cofynd.
Our USP is the scalable technology, B2C application, B2B product, & advanced features like real-time availability, bidding, dynamic pricing, opening maximum flexibility of memberships, etc. customized/different featured membership types, covering all flexibility aspects for our customers. Besides our advanced technology, our product experience, user experience, & lifetime value for consumers are the competitive advantages.

Advantages or differentiators

Created a unified integratable channel, having all optimised base APIs linked to multi-fold sync of all such softwares.
-Collection agent for payment automation (Nodle account,
VPNs and E-NACH linking)
-Hassle free check-in & checkout,QR code based and geo locational - linked to smart access control hardware systems
-Settlements and Analytics
. Multilocational & Custom memberships involving multiple brands which any single coworking brand cannot offer.
2. Real time availability and dynamic pricing setting the aggregator standard\s in this industry far off.
3. High definition virtual & 360 degree tours about to come in Application

Finance


Revenue Streams
1- This stream acts as a dual resource as it helps in raising the LTV of B2B customers to 2-3x, enhances the one stop solution bucket, and helps in community building and more engagement, at the core of the shared economy concept.
2- Lifetime Value: LTV(Profit) of a B2B seat is at an average of INR 9.6 K & LTV(Revenue) is INR 1 L, LTV(Profit) for a B2C customer is INR 3.5 K & LTV(Revenue) is INR 40 K
3- Gross margin: 16-18% currently, will move to 20-25% in the near future ;


Cost Structure
1- Customer acquisition cost: CAC for a B2B seat is INR 2.5 K & CAC for a B2C customer is INR 800
2- HR - People: We have 5 departments, and 20 member team currently, forming salary line of INR 7-7.5 L ;
3-Marketing cost ( Promotional Budgets ): INR 1-1.5 L currently ;
Operational Cost: includes office cost, TADA, retainers, tech and system accessories etc - ( INR 1 -1.5 L currently ;

Business model

Currently, Asset light model- operates at 10-15% commission from spaces for all bookings, business given. No commission charged from customers. For corporates, say for a 100 seat (@10K per seat ) corporate takes a co-working space through Stylework, via a tripartite agreement between Stylework, space, and corporate, a monthly/annual revenue of INR 10L/ INR 1.2 Cr is generated along with INR 12 L annual profit.

For B2C App transactions, INR 200 - 20000 is the per txn revenue amount and INR 20 - 2000 is the per txn profit.

For B2B transactions, 35% of them are tripartite and the rest 65%

Money will be spent on

Ask for INR 3.75 Cr, Expansion to 5 more Tier 1 cities of India ( Bengaluru, Pune, Mumbai, Hyderabad & Chennai ), Technology & Product Growth, Marketing Budget Spend to capture market share fast and leverage the opportunity to be the market leader in co-working aggregation, as follows:

R&D: 11%
Marketing & Sales: 33%
Product & Tech: 26%
Operational Expansion: 30%

Offer for investor

we will be diluting 11.75 % shares post funding

Team or Management

Incubation/Acceleration programs accomplishment

100% Scholarship at Newchip Accelerator- Texas USA

Won the competition and other awards

Indian Achievers' Award for Young Entrepreneur, 2020-21
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video