Just a couple of months after raising a seed round, BHIVE Workspace has today announced that it has raised about $1 million in its latest funding round, led by Blume Ventures.
With this newly raised funding round, the company is planning to further strengthen its position in Bangalore. It is also going to establish its presence in the top 6 cities of India.
It will also use the funds to attract top talent, build technology that will further enhance customer experience with an aim to position BHIVE as an undoubted leader in the office space market.
Founded in November 2014, BHIVE Workspace is a “world-class” workspace provider. The company claims to be growing at a blistering pace and offering the most productive and vibrant workspace for all. It also claims that it has the largest co-working space in Bangalore catering to over 150+ ventures.
It offers a range of facilities that enable individuals and businesses to focus on their work and still have a community driven, vibrant work environment. BHIVE Workspace is currently operating in 4 locations covering 50,000 sq. ft with over 800 active members. According to the company, its flagship center is running at 100% occupancy rates.
It believes in giving a complete experience to its members. So, it is providing 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.
Earlier this year, the company had secured seed funding from a group of angel investors, including Raghunandan G, Rajesh Rai, Arihant Patni, Sanjay Mirchandani, Arun Narayan and others.
Shesh Palikar, CEO and Co-Founder at BHIVE Workspace, said,
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 plan to have over 2 million square feet of office space under BHIVE management across 6 major Indian cities over the next 2 years.
Karthik Reddy, Co-Founder and Managing Partner at Blume Ventures, said,
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.
Currently, BHIVE Workspace competes against the likes of 91Springboard which also has strong community and a wide presence. WeWork, a US based shared office space provider, which is valued at over $17 billion, is soon starting operations in India.