Aiming to grow its presence in Bangalore and expand to Mumbai and Delhi, coworking space BHIVE Technologies has raised an early stage investment of $1 million (6.6 Crore) from investment firm Blume Ventures and other angel investors.
Shesh Palikar , CEO of BHIVE, said, “Part of the money will be utilised to attract top talent, apart from investing in technology, processes and brand-building. We plan to have over 2 million square feet of office space under BHIVE management across six major Indian cities over the next two years.”
BHIVE, which faces strong competition from Bangalore-based 91Springboard, hosts more than 150 companies at its facility in Bangalore across four locations and manages 50,000 square feet of shared workspace.
The company, Palikar said, was ambitious of taking on US-based shared working space provider WeWork, which is valued at $17 billion. The company has earlier appointed Monnappa Bayavanda in February, the former head of category management at Amazon India, as chief operating officer.
Karthik Reddy, the managing partner at Blume Ventures, said, “They are already fine-tuning a template that can scale across all the rapidly growing ecosystems in the country. When they achieved 100 per cent 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.”
BHIVE has previously raised capital from Raghunandan G, founder of TaxiForSure, Venturesity co-founder Rajesh Rai and Hive Technologies managing director Arihant Patni, among others.