BHIVE Workspace, a leading coworking firm based in Bengaluru, has announced plans to expand its operations by adding 3 million square feet over the next two years.
As reported by the Hindustan Times, this aggressive expansion is part of the company’s broader strategy to cement its position in India’s flexible workspace market and prepare for an Initial Public Offering (IPO) by fiscal year 2026.
Currently, BHIVE operates in more than 27 locations, covering over 1.8 million square feet and offering more than 28,000 billable seats. While the company is well-established in Mumbai and Bengaluru, it is now planning to extend its footprint into four additional major cities, which have not yet been named.
“Looking at our current growth rate, we’re poised to add another 3 million square feet to our portfolio by the end of FY26, across all the six major cities in India,” said Shesh Rao Paplikar, founder and CEO of BHIVE Workspace.
For the ongoing financial year 2024-25, BHIVE Workspace is targeting revenue exceeding ₹350 crore, more than double the ₹170 crore it reported in the last fiscal year. The company also posted a net profit of ₹7 crore in the previous year. A significant portion of this revenue growth is expected to come from the planned addition of 1 million square feet in the current fiscal year, with approximately 7 to 8 lakh square feet of this expansion slated for Bengaluru, the company’s home base.
BHIVE’s recent activities include leasing seven commercial units in Mumbai’s Bandra Kurla Complex earlier this year. These units cover more than 62,000 square feet and are leased at a monthly rental fee of over ₹1.25 crore for five years.
In July, BHIVE further expanded its Bengaluru footprint by leasing 42,000 square feet of office space in the Garudachar Palya area of Mahadevapura. This lease, marking BHIVE’s second collaboration with the Brigade Group, underscores the company’s commitment to strategic partnerships and sustained growth in key markets.
The planned 3 million square feet expansion not only aims to increase BHIVE’s market share but also positions the company for a potential IPO by FY26. This growth, combined with strong revenue projections, highlights BHIVE’s financial stability and market strength as it seeks to meet the rising demand for coworking spaces in India’s major urban centers.