In a statement on Tuesday, the company said the round comprises a significant debt component from a consortium of lenders, along with an equity infusion of around Rs 100 crore, which is nearing closure. The equity portion has drawn interest from high-net-worth individuals, family offices, and existing investors.
Founded in 2014, BHIVE operates coworking and managed office spaces and is currently the largest coworking player in Bengaluru, as well as the second-largest flex workspace operator in the city.
Shesh Rao Paplikar, Founder and CEO of BHIVE Workspace, said, “BHIVE has built a clear leadership position here [Bengaluru] by consistently delivering unmatched value to both startups and enterprises. This fundraise accelerates our journey towards an IPO while enabling rapid expansion into key growth markets such as Pune, Hyderabad, and Chennai.”
BHIVE plans to expand into cities, including Pune, Hyderabad, and Chennai, building on its presence in Bengaluru and Mumbai, where it operates a campus-led model, developing large integrated office campuses rather than floor-based coworking layouts. These campuses combine workspaces with amenities such as cafés, recreational zones, and common areas.
BHIVE has recorded strong growth over the past four years, with the company citing a CAGR of about 150%, compared with an industry average of around 41%. Investors attribute this to operational discipline and focus on unit economics.
Ashish Fafadia, Partner at Blume Ventures, said, “BHIVE has the potential to be one of the standout performers in the co-working and flex working space, having navigated a challenging market during COVID and a little after. The leadership has built a strong foundation that will lead to the company’s growth trajectory getting stronger with superior unit economics. At some point in time in the near to medium term, we are aligned to take BHIVE public, given the long-term potential of the vertical and the business.”
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The company expects revenue to scale significantly over the coming years, driven by enterprise clients, expansion of managed office offerings, and growth across multiple workspace formats, including coworking, virtual offices, and flexible access products.
Alok Bajpai, Managing Director, India, NTT Global Data Centres, an investor in the round, said, “BHIVE brings together a trusted, passionate founder and a highly scalable business model, which gives me strong conviction in their long-term success. Their growth, customer focus, and rapidly scaling campus-led model clearly demonstrate IPO readiness. BHIVE is entering a very exciting phase, and I’m proud to continue supporting their journey.”
The pre-IPO round is expected to close in the coming weeks, with some allocation still open to strategic investors, including family offices and HNIs.
Edited by Suman Singh
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