Bengaluru-based coworking space provider BHIVE has acquihired product-engineering firm Praemenio to bolster its support for the fast-growing coworking and fintech businesses.
However, the company did not disclose the financial terms of the deal.
“The transaction comprises a composite structure involving both cash and equity. As part of this acquihire, BHIVE will absorb a 10-member team along with cofounders Rohit Parab and Gaurav Gandhi, who will support growth and business management at BHIVE Group,” the company said in a statement.
Commenting on the acquihire, Shesh Rao Paplikar, founder & CEO of BHIVE Group said, “As a new age organisation, BHIVE is always on the lookout to identify occupiers’ pain points and solve it through our business and technology offerings while joining hands with companies in the ecosystem where we find synergies.”
The acquihire will enhance BHIVE’s capabilities in financial management, approvals processing, issue identification, lead generation, and understanding decision-making processes. This strategic move aims to streamline the efficient management of the company’s 1.5 Mn square feet of coworking space across 25 locations and strengthen the fintech arm of the group.
Rohit Parab and Gaurav Gandhi, cofounders of Praemenio said, “With an ever-expanding portfolio of coworking spaces across Bengaluru, it becomes imperative to efficiently manage the various associated activities related to the business which is where the Praemenio team will play an active role.”
In 2023, BHIVE expanded by one million square feet, transforming its offerings. The recent acquihire is set to boost BHIVE’s business efficiencies and enhance fiscal prudence.
In June, BHIVE unveiled India’s largest shared office space in the city, spanning 2 acres with over 8,000 seats.
In August BHIVE also announced its decision to wind up the AIF managed by Gupta and launch a new coworking-focussed category II alternative investment fund (AIF) of INR 400 Cr.
Founded in November 2014, BHIVE Group manages BHIVE Workspace and Bhive Alts. BHIVE Workspace is among the largest coworking space providers in Bengaluru and claims to have 172 startups and companies operating from its 25 locations.
Currently, BHIVE operates exclusively in Bengaluru but plans to expand to six major cities in India by June 2024.
Bhive Alts, as per the company’s website, oversees assets under management (AUM) exceeding 160 Cr, with a platform that caters to over 45,000 investors. This business focuses on granting retail investors access to alternative investments.
According to a Mordor Intelligence report, the current size of the India coworking office spaces market is $1.78 Bn. It is expected to exhibit a Compound Annual Growth Rate (CAGR) of over 7% during the forecast period from 2023 to 2028.
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