BHIVE to raise Rs 400 crore pre-IPO fund to accelerate expansion and IPO

BHIVE Workspace, one of the largest coworking companies, is at an advanced stage of raising up to Rs 400 crore as part of its ongoing pre-IPO funding round, strengthening its balance sheet and supporting its next phase of national expansion.The fundraising includes a significant debt component from a consortium of lenders along with an equity infusion of around Rs 100 crore that is in advanced stages of closing. The equity round has received strong interest from high net worth individuals (HNIs), family offices and several existing investors. This pre-IPO round represents a significant milestone towards BHIVE’s targeted 2027 IPO.

Shesh Rao Paplikar, Founder and CEO of BHIVE Workspace, said: “Bengaluru is India’s largest and most competitive coworking market, and BHIVE has established a clear leadership position here by consistently delivering unparalleled value to startups and enterprises alike. This fundraising accelerates our journey to an IPO while enabling rapid expansion into key growth markets such as Pune, Hyderabad and Chennai.”Founded in 2014, BHIVE has become Bengaluru’s largest coworking and the second largest flex operator. Over the past four years, the company has delivered a CAGR of 150%, significantly outperforming the industry average of around 41%.

Ashish Fafadia, Partner at Blume Ventures, said: “BHIVE has the potential to be one of the standout players in the co-working and flexible work space, having navigated a challenging market during Covid and soon after. The leadership has laid a strong foundation that will lead to the company’s growth trajectory becoming stronger with superior unit economics. At some point in the near to medium term, we are aligned to take BHIVE public given the long-term potential of the vertical and the company.”

BHIVE’s growth prospects remain robust. The company is on track to achieve revenues of Rs 500 crore in FY28 and Rs 1,000 crore in FY30, driven by its campus-led expansion strategy, deeper business penetration and a diversified portfolio that includes coworking, managed offices, virtual offices and flexible access products.

Alok Bajpai, Managing Director, India, NTT Global Data Centers and investor in the current round, said: “Their growth, customer focus and rapidly scaling campus-led model clearly demonstrate their IPO readiness. BHIVE is entering a very exciting phase.” A key differentiator for BHIVE is its pioneering ‘Campus-led Workspace’ model, spread across Bengaluru and Mumbai. Unlike traditional coworking spaces that are limited to floor layouts, BHIVE is developing large integrated office campuses that combine premium workspaces with lifestyle infrastructure such as sports zones, cafes, lounges, shower facilities and leisure facilities, aimed at companies looking for a complete office ecosystem.

This approach is anchored in BHIVE’s philosophy of ‘Work-Life Harmony’, designed to help members thrive professionally while enjoying an elevated workplace experience that promotes productivity, wellbeing, flexibility and community.

With investor confidence high and the equity round nearing completion, the remaining allocation is open to strategic investors including family offices and HNIs looking for late-stage pre-IPO opportunities.

BHIVE operates over 32,000 seats across over 28 centers in Bengaluru and Mumbai, covering approximately 1.8 million sq ft of premium workspace.