BHIVE Workspace has strengthen its technology platform with its first acquire of a product-engineering firm Praemenio to support its fast-growing coworking and fintech businesses.
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 co-founders Rohit Parab and Gaurav Gandhi, who will support growth and business management at BHIVE Group,” the company said, without disclosing the deal value.
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. In this endeavour, we are pleased to welcome Praemenio’s team to our family with our first acquihire as we further strengthen our business management with their state-of-the-art solutions. This becomes important to manage our ever-growing portfolio of 1.5 million square feet of coworking space across 25 locations in Bengaluru.”
The acquihire will support BHIVE in areas of financial management, approvals processing, issue identification to lead generation, and understanding decision-making processes to efficiently manage the company’s 1.5 million square feet of coworking space across 25 locations and strengthen the fintech arm of the group.
Rohit Parab and Gaurav Gandhi, Co-Founders of Praemenio said, “BHIVE is a pioneer in the coworking space with their slew of offerings making them the preferred partner for occupiers’ office needs. 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”.
“We are pleased to be a part of BHIVE and aim to build industry-first solutions to contribute to their vision of becoming India’s largest and most comprehensive platform for commercial real estate rental solutions, driven by a customer-centric mindset”, they said.
The year 2023 saw BHIVE adding one million square feet to its portfolio and a transformation in its offerings. This acquihire will further propel BHIVE to improve business efficiencies and strengthen its fiscal prudence.
Currently, the total coworking portfolio of BHIVE stands at 1.5 million square feet with over 42,000 seats across Bengaluru, the startup capital of India. Earlier in June this year, BHIVE launched India’s largest shared office space in the city, spread across 2 acres with over 8,000 seats.
Source: Economic Times