BHIVE Workspace raises $1 million2 min read . Updated: 19 May 2016, 02:02 AM IST
Funds to be used to expand base in Bengaluru and six other cities, increase headcount, build on technology, processes and brand building
Bengaluru: Workspace solutions provider BHIVE Workspace has raised $1 million in a funding round led by early-stage technology investor Blume Ventures, the company said in a statement on Wednesday.
The funds will be used to expand its base in Bengaluru and six other cities, increase headcount, build on technology, processes and brand building, the company said.
“Managed workspace is a fast-growing market globally and a multi-billion dollar opportunity even in a single city like Bengaluru. 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," said Shesh Palikar, chief executive and co-founder at BHIVE Workspace, in a statement.
This is the second round of funding for the firm run by Centaur Datacorp Pvt Ltd, after it raised an undisclosed angel round from 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 in February.
With the number of new start-ups increasing, the need for affordable office space is on the rise in major cities where commercial real estate prices are very high.
Launched in November 2014 by Paplikar and Ravindra M.K., the company is now looking to expand its office space offering from 50,000 to over 2 million over the next two years.
The company provides plug-and-play affordable office space to businesses to co-work and ideate as well as provide mentorship services. It has around 800 active members, the company said.
Affordable office spaces augurs well for bootstrapped start-ups who are in idea stage and have not yet raised funding.
The firm provide flexibility with services like rental on a daily, weekly and monthly basis with prices starting from ₹ 306 per day ( ₹ 245 for students) to ₹ 8,000 per month for dedicated desks, according to the company.
The package would include W-Fi services, conference rooms and networking opportunities with other start-up entrepreneurs among other customised offerings.
“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," said Karthik Reddy, co-founder and managing partner at Blume Ventures, in a statement.