BHIVE Workspace, one of the well known brands in Bangalore’s startup ecosystem, has raised about $1 million in funding led by Blume Ventures. BHIVE Workspace is the largest co-working space in Bangalore catering to over 150+ ventures.
With this $1 million funding, BHIVE plans to expand strongly in Bangalore while also establishing a presence in the top 6 cities of India. The funds will also be used to attract top talent, build technology that will further enhance customer experience and in turn position BHIVE as an undoubted leader in the office space market.
Prior to this, BHIVE had attracted investments, from the likes of Raghunandan G (Founder, TaxiForSure), Rajesh Rai (Venture Capitalist and co-Founder, Venturesity), Arihant Patni (Managing Director, Hive Technologies), Sanjay Mirchandani (Owner, Mirchandani Group), Arun Narayan (Director, UK India Business Council) and others making it the largest co-working space in India’s startup capital Bangalore.
BHIVE Workspace currently operates in 4 locations covering 50,000 sq. ft with over 800 active members. Its flagship center is currently running at 100% occupancy rates with many companies on waiting lists. It is a very transparent, professionally managed company that partners with landlords and ensures them a steady and predictable income.
On this occasion, Shesh Palikar, CEO and Co-Founder at BHIVE Workspace, says, “We are super excited to have a reputed institution like Blume backing us. This is a very strong validation to what we have been doing so far. Managed workspace is a fast growing market globally and a multibillion dollar opportunity even in a single city like Bangalore. We are one of the fastest growing companies in this space in the whole world as well as one of the most profitable on unit economics.
We have a diverse global team and we are running at 100% occupancy level, with a long waiting list. We will use the funding money for expansions both in Bangalore and in other major Indian cities before we venture beyond India. We will also use the money to attract top talent. We will also invest very strongly in technology, processes and brand building. We plan to have over 2 million square feet of office space under BHIVE management across 6 major Indian cities over the next 2 years.”
“BHIVE represents a disruption in commercial real estate that’s now brewing in India. They are already fine-tuning a template that can scale across all of the rapidly growing ecosystem in the country. When they achieved 100% occupancy in their largest space, we knew that they were onto understanding the dynamics and pricing policies that could make co-working spaces/shared spaces a success. In BHIVE, we’ve found a team that’s capable of leading this change at scale and add the critical aspects of community and technology essential for the early success of this business.” adds Karthik Reddy, Co-Founder and Managing Partner at Blume Ventures.
Prashant Pahade, an Investor in BHIVE Workspace also uses the space for his startup Agumbe Technologies. He adds “As an Investor, I love their passion, integrity, commitment and vision, which are critical for a successful venture. Moreover, the entire BHIVE team is very friendly and is always willing to help and go beyond the call of duty. As a customer, I find tremendous positive energy in BHIVE Workspace, access to startup eco-system and the flexibility to scale up or scale down.”
BHIVE Workspace, launched in November 2014, believes in giving a complete experience to its members. Hence, it provides a fully equipped workspace with 24×7 access, round the clock security, best in class Wi-Fi experience, UPS and generator backup, open office environment, laser printer, scanner, unlimited coffee and tea, games room, events area, terrace garden, video conferencing, conference rooms, discussion rooms, phone booths, cafeteria and lounge facilities.
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