Bangalore, Karnataka, India: BHIVE Workspace, one of the leading co working spaces in the country, recently launched two new centers in HSR Layout, Bangalore, expanding the space under its operation to over 1.2 lakh sq ft. The new centers have been designed to cater to the needs of start-ups as well as large organizations. These centers offer a combination of cabins, open co working spaces, meeting rooms and spaces for hosting events.
One of the new centers is located very close to the HSR Sector 2 club. Situated in a lush green environment next to the Sector 2 Park, this shared office space allows one to unwind in the midst of their tiring schedule. This center follows an innovative asset-light model that has been developed in partnership with landlords. The second center is located close to the Silk Board junction, easily accessible from Outer Ring Road.
“I am very happy to announce that BHIVE has now opened two centers in Bangalore in our new, asset-light model. Landlords have been lining up to partner with BHIVE and are willing to invest to extend the benefits of co working through their properties,” said Sheshagiri Rao Paplikar, CEO, BHIVE Workspace. “With the opening of its seventh center, BHIVE has further strengthened its position as a leading co working space with the highest number of centers in the city,” he added.
BHIVE gave HSR Layout its first co working space, transforming it into a hub for startups. Soon after, BHIVE launched one more center in HSR Layout to cater to the increasing demand. In addition to HSR Layout, BHIVE provides co working spaces in other major tech hubs like the Central Business District of Bangalore, Koramangala, and Indiranagar.
Being one of the pioneers of co working space in Bangalore, BHIVE has always had a strong relationship with the landlord community which has helped them explore this new working model. “An asset-light model is beneficial to both landlords and the co working space provider. By working together and leveraging our areas of expertise, we are able to maximise our ROI. We have already achieved break-even within the first month of operation. Moreover, associating with BHIVE Workspace, a well-established & popular brand in the co working industry has helped me gain greater visibility for my property,” added Dinakar Reddy, BHIVE’s landlord and business partner for the new property.
BHIVE has differentiated itself from the competition by focusing on Hospitality, Real estate, Technology & Process, and Community. BHIVE has been particularly focussing on developing its community. For instance, its flagship event, “BHIVE Bash” was attended by over 700 members who enjoyed a day of adventure sports, networking, parties and camping. BHIVE also leverages Workplace by Facebook to drive interactions among its members.
BHIVE has over 1000 members across 300+ companies and startups, including companies such as Neogrowth, Narayana Hrudayalaya, Cohn and Wolfe, OLX, Vogo, and many others. Majority of these companies have been expanding within BHIVE, with some doubling their team sizes and some expanding to 10 times of their initial occupancy levels.
BHIVE has been growing rapidly, with a 100% increase in annual revenues within a year. With a surge in demand for BHIVE’s coworking spaces, it plans to double its centers in Bangalore by the end of this year.
“We’ve been witnessing a steep rise in the demand for our coworking spaces. In fact, in some of our coworking spaces have waitlisted clients. Hence, we’re opening new centers to expand the benefits of working at BHIVE to more start-ups and companies,” Paplikar said.