Blume Ventures-backed BHIVE unveils marketplace for office rentals

Bengaluru-based Tusker Workspace Pvt. Ltd, which runs co-working startup BHIVE, has launched a zero-brokerage technology-driven marketplace for renting office spaces, said a company statement.

The platform has onboarded 400,000 square feet of co-working spaces, furnished office and bare shell rental models (having basic facilities) over the last month in Bengaluru.

According to the company statement, many smaller players in co-working space are signing up with BHIVE.

"We have signed another six co-working spaces under managed franchise model and look to add 2,000 seats every month," said BHIVE co-founder Shesh Rao Paplikar.

"We have additional one million square feet of commercial space under negotiation," added Paplikar.

BHIVE, which operates seven co-working spaces in Bengaluru, plans to expand operations to major cities.

The company claims that the landlord community has always been the biggest supporter of Blume Ventures-backed BHIVE. "Over 90% of properties have been onboarded through landlord references and word of mouth due to the goodwill BHIVE has maintained with the landlord community of Bengaluru," it said.

BHIVE

BHIVE has raised over $2.5 million so far from Blume Ventures; Raghunandan G, co-founder of TaxiForSure; Arihant Patni, managing director, Hive Technologies; and actor-director 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 Shesh Rao Paplikar and Ravindra MK, BHIVE competes with WeWork, CoWrks, 91Springboard, Innov8, Awfis and others.

BHIVE was in news this year when TechCircle reported in April that the firm lost its co-founder Ravindra MK to real estate company Shriram Properties Pvt. Ltd, where he joined as head of technology and digital initiatives. After three months, Ravindra joined back BHIVE.

Ravindra's exit reported in April came less than 10 months after chief financial officer Rakesh Sharma quit BHIVE to found his own venture. Likewise, chief marketing officer Durgesh Kaushik quit in June last year to start his own company. Kaushik is an adviser to BHIVE now.

Earlier last year, BHIVE was in the news when co-founder Paplikar alleged that a venture capital firm did not invest in his startup after signing the term sheet.

In June last year, BHIVE raised $1.2 million (Rs 7.7 crore) in a round led by Blume.

In February 2016, the firm raised an undisclosed amount in angel funding from investors including TaxiForSure co-founder Raghunandan G, Venturesity co-founder Rajesh Rai and Patni family scion Arihant Patni. Three months later, it raised about $1 million in a round led by Blume.