Alternative Investments Wealthtech Platform BHIVE.fund has raised strategic investments from Gruhas Proptech, Blume Ventures, and other marquee investors.
The round also saw participation from prominent angel investors including Sreeram Reddy Vanga of Kofluence, Leadsquared Founders Nilesh Patel and Prashant Singh, Kazi Arif Zaman, CFA, Partner at GestAlt Network and former MD of Everstone Capital, Partner of a prominent California VC firm, and NRIs from the US.
What will funds raised be used for?
The company intends to utilize these funds for growth. Key usage will be towards building comprehensive technology to scale operations, building a strong investment team, educating customers on alternative asset space, etc.
Shesh Rao Paplikar, Co-Founder & CEO, BHIVE.fund said, “This investment represents a significant milestone towards closing $1 million of pre-Series A. We have term sheets and commitments to the ongoing pre-Series A round which will be closing soon”.
Gruhas was co-founded by Nikhil Kamath of Zerodha and Abhijeet Pai of Puzzolana and is India’s largest proptech-focussed entity.
‘BHIVE.fund’ was set up in 2021 by Shesh Paplikar, Sandeep Gupta CFA and Monnappa Bayavanda. Through the tech-driven platform, they enable individual investors to invest in business opportunities, domestic commercial real estate and international real estate.
Sarita Raichura, Vice-President, Blume Ventures, said, “We invested in ‘BHIVE Workspace’ through Blume Fund II in 2015. We have been closely working with Shesh and team, and have been witness to the grit and resilience the team has shown through the pandemic. We are excited about ‘BHIVE Workspace’s’ new venture - ‘BHIVE.fund’. We continue to believe in the capability of this team to build a robust biz. They have evolved to be solving the current real estate problem and are building a scalable business in an ever-growing commercial real estate market in India”.
Sreeram Reddy Vanga, Investing - Founder, Kofluence, said, “I have always been a big believer in Commercial Real Estate as an investment class. Technology is disrupting this segment and will bring in more investors through a fractional real estate mechanism. A similar model adopted by ‘BHIVE Workspace’ to the broader alternative asset class is set to grow big. I am very happy to come in as an investor and join Shesh & team on their journey”.
BHIVE.fund had, in 2021, raised a Seed round from the likes of Madhusudan, Co-Founder & CEO of KreditBee, Durgesh Kaushik, Snapchat India and South Asia Head, Alok Bajpai, CFO, Adani Connex. This US-headquartered company had also seen investment participation from over ten NRI investors in this round.
