BHIVE Workspace, India’s foremost shared office space provider, has announced a significant enhancement to its technology platform by acquiring Praemenio, a product-engineering firm. This marks BHIVE’s first acquihire, aimed at fortifying its foothold in the rapidly expanding coworking and fintech sectors. The deal includes the absorption of Praemenio’s 10-member team, including co-founders Rohit Parab and Gaurav Gandhi, who will play pivotal roles in supporting growth and business management within the BHIVE Group.
The acquihire is strategically aligned to bolster BHIVE in key areas such as financial management, approvals processing, issue identification, lead generation, and decision-making processes. This move is crucial for efficiently managing BHIVE’s extensive coworking space, spanning 1.5 million square feet across 25 locations, and strengthening the fintech segment of the group. The transaction involves a composite structure, comprising both cash and equity, and the integration of Praemenio’s team into BHIVE will involve assuming key roles within the organization.
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.”
Co-founders of Praemenio, Rohit Parab and Gaurav Gandhi, highlighted BHIVE’s position as a pioneer in the coworking space and the need for efficient management of various business activities associated with its expanding portfolio. They expressed, “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”.
In 2023, BHIVE marked a significant milestone by adding a million square feet to its portfolio and undergoing transformative changes in its offerings. The recent acquihire is expected to further enhance BHIVE’s business efficiencies and strengthen its fiscal prudence.
BHIVE’s current coworking portfolio encompasses 1.5 million square feet with over 42,000 seats across Bengaluru, the startup capital of India. Earlier in June, BHIVE launched India’s largest shared office space, a state-of-the-art facility spread across 2 acres in the city, signaling a new chapter in the country’s coworking industry. BHIVE’s nuanced understanding of employee requirements has positioned it as the preferred choice for companies offering flexible working options, with leading startups in healthcare, fintech, and other domains occupying its spaces.
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