BHIVE to wrap up ₹400 crore pre-IPO round as it gears up for listing

BHIVE Workspaces is set to close a ₹400 crore pre-IPO fundraise, including a sizeable debt component and about ₹100 crore equity, to expand into Pune, Hyderabad and Chennai

Bengaluru-based co-working operator BHIVE Workspaces is set to close a ₹400 crore pre-initial public offering (pre-IPO) fundraise, the company said in a statement on Tuesday, to support its next phase of expansion and strengthen its balance sheet.

 

The fundraise includes a sizeable debt component from a consortium of lenders, alongside an equity infusion of around Rs 100 crore that is in advanced stages of closure. The equity round has attracted interest from high-net-worth individuals, family offices and several existing investors.

 

Shesh Rao Paplikar, founder and chief executive officer, BHIVE Workspaces, said: “Bengaluru is India’s largest and most competitive co-working market, and BHIVE has built a clear leadership position here 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 said it is advancing towards its targeted IPO in 2027.

 

Looking ahead, the company has guided to cross Rs 500 crore in revenue by FY28 and Rs 1,000 crore by FY30, driven by its campus-led expansion strategy, deeper enterprise penetration and a diversified portfolio spanning co-working, managed offices, virtual offices and flexible access products.

 

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 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.”

 

BHIVE operates more than 32,000 seats across over 28 centres in Bengaluru and Mumbai, spanning nearly 1.8 million square feet of premium workspace.

 

Established in 2014, the company said it has delivered a 150 per cent compound annual growth rate (CAGR) over the past four years, outperforming the industry average of about 41 per cent.