BHIVE Workspace, a Bengaluru-based co-working space provider, has today raised $1.2 million in its new funding round. The round was led by Blume Ventures, and also saw participation of Ramesh Aravind and Meera Reddy.
Along with them, a few other high net-worth individuals (HNIs) have also poured-in money in this round. The funding will be used to fuel its pan-India and international expansion.
The company, in a statement, said that it is planning to expand to other major cities of India and across Asia in the coming months.
Commenting on this, Shesh Rao Paplikar, co-founder and CEO, BHIVE Workspace said,
In the last two years, we’ve expanded our coworking space rapidly and currently have 10 centres within Bengaluru. We’ve focussed on the right mix of hospitality and technology to deliver a superior coworking environment, and have applied the principles of lean startup to achieve operational efficiency.
Ashish Fafadia, CFO of Blume Ventures said,
Since the first round, BHIVE continues to grow with a focus to help build and create great workplaces with best-in-class global standards for Indian corporates and office goers. Key strengths of BHIVE include the focus on creating experiences and making themselves relevant for virtually all organisations, regardless of their size and form.
BHIVE Workspace was founded by Shesh Paplikar, Ravindra M.K., and Monnappa Bayavanda in 2014. It is currently spread over 100,000 sq. feet of space in 10 centres in Bengaluru.
It provides a fully equipped workspace with 24×7 access, round the clock security, WiFi experience, UPS and generator backup, and an open office environment. Other amenities include a games room, events area, terrace garden, video conferencing, conference rooms, cafeteria, and lounge facilities.
Last year in May, the company raised about $1 million in a funding round led by Blume Ventures. Prior to that BHIVE had raised investments from a group of angel investors.
Other startups in this space include 91springboard, Innov8, InstaOffice, Awfis, among others. Most of them have raised significant amount of investment.
Also, one of the leading co-working space provider in the world — WeWork is all set to enter in the Indian market. It has tied up with Bangalore-based property firm Embassy Group for its launch later this year.