New Delhi: Bengaluru-based BHIVE Workspace has launched a zero-brokerage technology driven platform for renting office spaces.
The platform acts a curated marketplace for landlords and companies (tenants) to match the demand and supply for real estate, said Shesh Paplikar, co-founder and chief executive officer at BHIVE, over telephone.
With the platform model, BHIVE plans to expand rapidly and has onboarded 4 lakh square feet of property on its platform, including coworking spaces, furnished offices and bare shell rental models (which have basic facilities) over the last month.
BHIVE collects information from office space seekers and offers customised solutions to its clientele. The shared space provider plans to help companies set up their own customised offices without payment of any brokerage. It also allows companies to sublease their current offices and shift to larger or smaller spaces, according to specific requirements.
"This is going to be a game changer in the leasing business and will bring in the much required efficiency to the market. It is going to cut down the time required for finding new office space and ensure that the tenants get great experience throughout the rental period. The platform will ensure landlords earn 20-30% more income through the lifetime of the property," said Paplikar.
The company will manage office spaces for corporates, including selection of the property, moving in, maintenance, administrative tasks and deposit settlement.
BHIVE has raised over $2.5 million so far from Blume Ventures, Raghunandan G. of TaxiForSure, Arihant Patni (managing director, Hive Technologies) and Ramesh Aravind. It is also backed by real estate developers like Sanjay Mirchandani of the Mirchandani Group and Y. Meera Reddy of SKCL.
Launched in November 2014 by Paplikar and Ravindra M.K., the company provides plug-and-play affordable office space to businesses to co-work and ideate as well as provide mentorship services.
BHIVE competes with the likes of Sequoia-backed Awfis, 91springboard and Cowrks, and WeWork’s Indian arm, among others.
According to a Knight Frank India report, the sector took up 13% of the total transacted office space between January and June, as activity-based working and community spaces have become the norm for modern-day office occupiers seeking a collaborative ecosystem.
BHIVE currently operates seven co-working spaces in Bengaluru, making it the largest shared space provider in the city. The company plans to expand operations to major cities over a period of time and cater to markets beyond working spaces, such as furnished spaces and bare shell properties, Paplikar added.