Leading office space provider, BHIVE Workspace has raised ₹7 Crore ($1.2 million) from Blume Ventures in the first round of funding. They are planning to use funds to acquire workspace in India and outside the India, so that more people can get connected and make use of this. Investors like Ramesh Aravind, Mr. Meera Reddy and other high net-worth individuals also showed their interest. Previously, in 2015, BHIVE raised around ₹6 Crore ($1 million) from Blume Ventures and other highly rated investors like, Raghunandan G, Rajesh Rai, Arihant Patni, Sanjay Mirchandani and Arun Narayan gave suggestions and commented on the idea and model.
Shesh Rao Paplikar, Co-Founder and CEO, BHIVE Workspace commented that “In the last two years, we’ve expanded our co-working space rapidly and currently have 10 centres within Bangalore. We’ve focused on the right mix of hospitality and technology to deliver a superior co-working environment, and have applied principles of lean start-up to achieve operational efficiency. We want to leverage our expertise to benefit more companies and start-ups, so that they’ll can also show their skills by competing with others in market.”
BHIVE is expanding very quickly, it covered over 100,000 square feet of office space with 10 centres across Bangalore. Currently, BHIVE has primarily focused on unit economics and how much revenue do they earn from each centres. Its latest centre has rated as the most premium co-working space in Bangalore with the facilities of high-end interiors, premium lounge and café, the additional facilities like, free workouts, murphy beds, showers and access to free events. BHIVE have already planned to expand globally and started depicting plans for the same. Its latest round of investment saw participation from some of the top real estate developers in the country.