Co-working space provider BHIVE eyes to generate Rs 100 crore revenue by 2021

The concept of flexible workplaces (co-working and corporate spaces) is making its space in the Indian workspace culture and is growing at a rapid pace. As per recent reports, the leasing by these flexible workplace providers has crossed 7 million square feet during 2018, accounting for 14% of the total leasing during the year.

Adding to the growing co-working space culture in India, BHIVE, a co-working space provider, is eyeing to generate Rs 100 crore revenue in the next 1-1.5 years. The Bengaluru-based company looks to continue its focus on Bengaluru city for now.

Shesh Rao, Co-Founder and CEO, BHIVE, said, “We have enough opportunity here hence currently we plan to grow in the city.”

Currently, BHIVE is operating through 8 operational centres. The company is targeting to reach 3,500 seats by the end of this year.

MK Ravindra, Co-Founder of BHIVE, stated, “We phased out two small centres and will be phasing out 1-2 more in coming months. Going forward, we are looking at 500 plus seater (over 20,000 sq ft) spaces only.”

BHIVE works on three distinctive co-working models, including investor-led franchise-owned, company-operated (FOCO) model, landlord-led FOCO model and lease & sub-lease model.

“Going forward we think that investor-led FOCO model will drive our growth,” Rao added.