Stylework, a co-working marketplace based in Gurugram, India, has raised $2 million in its Series A1 round from institutional investors, including Capriglobal Holdings, QI Ventures and other investors from undisclosed family offices.

Stylework claims that the funding brings their firm’s valuation to $20 million. Existing investors like WFC, iAngels Network, Sateeq Invest and Impactful Pitch, also participated in the funding round.

Stylework, founded by Sparsh Khandelwal, is a business-to-business (B2B) software as a start-up (SaaS) marketplace model with over 2,500 partnered co-working spaces on its platforms in India. It is also in partnership with over 250 all-category co-working and managed office operator brands. The firm claims to have expanded its partnered co-working supply presence from three cities to 10 and further to over 50 cities and currently operates in over 80 cities.

The start-up plans to focus on penetrating deeper into the Indian market share while opening growth pads in the Southeast Asian and Middle Eastern and North African regions. The company further claimed that its GMV (gross merchandise value) has crossed $16 million, and it has sold approximately 22,000 seats since inception, with each seat generating a net revenue of Rs10,000-12,000 ($133-$160).

Mumbai-based WFC invests $50,000 to $2 million in early-stage start-ups and has already enabled $20 million worth of investments across 100 start-up deals since incorporation. The funds will be used on building and growing Stylework’s advanced flexible workspace aggregator technology and product for corporates, according to the company.