Blume Ventures backs co-working space BHIVE

Co-working space BHIVE has raised about $1 million (around Rs 6.7 crore) in a funding round led by Blume Ventures.

The new capital will be used for expansion to six more cities, hiring talent, building technology and enhancing customer experience.

"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," said Shesh Paplikar, c-founder, BHIVE Workspace in a statement.

The Bangalore-based workplace solution provider had raised an undisclosed amount in angel funding from a bunch of investors including TaxiForSure co-founder Raghunandan G, Venturesity co-founder Rajesh Rai and Patni family scion Arihant Patni in February this year.

BHIVE Workspace Pvt. Ltd currently operates in four locations in Bangalore and claims to have more than 150 ventures on board.

The company was founded in November 2014 by Shesh Paplikar, who has earlier worked with Bloomberg, and Ravindra M.K., who has previously worked with SAP.

It provides a fully equipped workspace with 24x7 access, round-the-clock security, wi-fi, UPS and generator backup, open office environment, laser printer, scanner, and other facilities.

Mycuteoffice, Innov8, Nasscom Startup Warehouse and Kochi's Startup Village are similar space-sharing hubs for startups. In May 2015, Mycuteoffice had raised an undisclosed amount of angel funding.

In April last year, global venture capital firm Matrix Partners Indian unit tied up with realtor K Raheja Corp to launch a new co-working space called "The Space" in Powai, Mumbai for startups.

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