TUSKER WORKSPACE PRIVATE LIMITED

Business Overview

• Tusker Workspace Private Limited is the legal entity operating the "BHIVE Workspace" brand — described by BHIVE's own site as India's leading campus-coworking company providing managed office spaces and coworking solutions.
• Services: day passes, dedicated desks/offices, meeting/conference rooms, virtual offices, enterprise plug-and-play coworking, and admin/housekeeping support.
• Scale, per bhiveworkspace.com, self-reported: 30+ centers across 10 campuses in Bengaluru, HSR Layout, MG Road, Indiranagar, Whitefield, Koramangala, Jayanagar, BTM Layout, Bellandur/ORR, Hebbal, and a newer Mumbai (BKC) center
• ~42,500 seats across 2M+ sq ft
• 1,000+ corporate clients including Google, Zomato and Rapido.
• Recognised as a DPIIT startup, per TheCompanyCheck.
• Associated/sister brand: BHIVE Alts, an alternatives-investment platform under the same BHIVE group umbrella, per TheCompanyCheck, — appears to be a related but distinct legal entity, not confirmed as part of this CIN.

Sector & Classification

Business Services / Real-estate-adjacent support services — "Other support services to organizations" (NIC code group N / N7, "Business activities n.e.c." per Falconebiz); operates as a coworking / managed-office-space provider

Directors & Key Management

GST Registrations

Not obtained. No individual-GSTIN aggregator page (knowyourgst, findgst, mastersindia) could be located for this entity despite multiple targeted searches; PAN (needed to derive the GSTIN state-prefix pattern) is also not disclosed on any fetched aggregator. Home state is inferable as Karnataka from the registered address, but no confirmed GSTIN, registration count, or GST status is available. Flagged as a data gap rather than asserted.

Financials

• Latest audited FY: FY2025, year ended 31 March 2025, standalone, entity-level, not consolidated — no consolidation basis disclosed by sources.
• Revenue: ₹254.53 Cr per TheCompanyCheck
• Tofler brackets it "₹200-300 Cr" with +44.58% YoY growth — the two are consistent, so revenue is treated as confirmed at ≈₹250-255 Cr, up ~44-45% YoY.
• EBITDA: absolute figure locked/paywalled on both Tofler and TheCompanyCheck; Tofler shows +18.9% YoY change only.
• PAT (Net Profit): absolute figure locked
• Tofler shows a sharp decline of -84.16% YoY, despite revenue and EBITDA growth — plausible if driven by one-off costs, impairment, or expansion capex/interest; not independently corroborated.
• Net worth: absolute figure locked; +16.98% YoY per Tofler.
• Total borrowings: absolute figure locked
• +127.57% YoY per Tofler
• Tofler separately computes debt-to-equity at 2.46, indicating elevated leverage — consistent with the large recent charge creation (see Charges) and the pre-IPO debt-plus-equity raise reported for late 2025.
• Total assets: +137.94% YoY per Tofler, unaudited change metric only.
• All absolute rupee figures beyond revenue are "not obtained", premium/paywalled on both aggregators; YoY percentage changes are reported as-is from Tofler.

Funding History

• One confirmed recent event: BHIVE Workspace, Tusker Workspace Pvt Ltd, was reported in advanced talks / execution to raise ~₹400 Cr in a pre-IPO round combining debt and equity, ~₹100 Cr equity component, per YourStory (Dec 2025) and corroborated by an Economic Times headline.
• Reported investor interest: high-net-worth individuals, family offices, and existing investors, per BHIVE's own site, as relayed in the YourStory piece, — no individual investor names confirmed.
• IPO targeted for calendar year 2027
• CEO Shesh Rao Paplikar quoted on timeline.
• No named prior institutional funding rounds, seed/Series A/B, could be located via available sources — company may have been largely founder/promoter and debt funded prior to this raise, but absence of evidence is not confirmation of absence.
• Tracxn could not be accessed to check for a funding-round-name-only cross-reference, 404 on attempted URL.

Shareholding

• Not obtained.
• Tofler lists the three directors, Paplikar, Bayavanda, Narayan, as shareholders but the detailed shareholding/cap-table percentages are paywalled on all three aggregators, Tofler, TheCompanyCheck, Falconebiz.
• No independent source, e.g., mirrored MGT-7/annual return, was located.

Loans & Charges

• Open charges ≈₹87.95 Cr
• Satisfied charges ≈₹5.2 Cr (Falconebiz). Lender breakdown per Tofler: HDFC Bank Limited — 3
• Tata Capital Limited — 1 the most recent charge
• Falconebiz's aggregation differs slightly, 33 Cr bucket, — the two sources agree closely on HDFC's exposure but bucket the remaining lenders differently
• Treated as confirmed for HDFC/ICICI/Tata Capital, partial for the full lender list. "No open charges beyond these" is not asserted — per the standard aggregator caveat, absence of a charge listing elsewhere means no *further open* charge found, not none ever filed.

Related Parties

• TheCompanyCheck lists "Associated Brands: BHIVE Workspace, Bhive Alts" and states the company has 2 subsidiaries, names not disclosed in the free tier.
• BHIVE Alts appears to be a related alternative-investments platform operating under the same BHIVE brand umbrella
• Its exact legal/corporate relationship to Tusker Workspace Pvt Ltd, subsidiary, sister company under common promoters, or separate CIN, is not confirmed by any source fetched.
• Related-party transaction details are not obtained, would require the audited financial statements' RPT note, not available from aggregators.

Legal & Compliance

• Indian Kanoon shows multiple ongoing/recent civil and commercial disputes involving the company, both as plaintiff and defendant, consistent with a real-estate/leasing-heavy business model:
• Godolphine India Pvt Ltd vs Tusker Workspace Pvt Ltd — Karnataka High Court, filings dated 7 Feb 2024 and 25 Jan 2025
• Tusker Workspace Pvt Ltd vs Godolphine India Pvt Ltd — Supreme Court Daily Orders (16 Feb 2024) — same dispute on appeal
• M/S Globussoft vs M/S Tusker Workspace Pvt Ltd — Karnataka High Court (18 Feb 2026)
• M/S General Construction Company vs Tusker Workspace Pvt Ltd — Karnataka High Court (7 Feb 2023)
• Tusker Workspace Pvt Ltd vs M/D D Vois Communications Pvt Ltd — Karnataka High Court (8 Jul 2025)
• Tusker Workspace Pvt Ltd vs RSG India Advanced Technologies — Bangalore District Court (7 Apr 2026)
• Tusker Workspace Pvt Ltd vs Idos India Pvt Ltd — Bangalore District Court (4 Apr 2025)
• Tusker Workspace Pvt Ltd vs Fliqa Reality Pvt Ltd & Others — Bangalore District Court (10 Feb 2025)
• No case outcomes/amounts extracted, Indian Kanoon search-result snippets only, not full judgments read. Nature appears to be ordinary commercial/leasing/vendor litigation typical of a multi-location coworking operator, not regulatory or criminal action.

Competitive Landscape

• India coworking / managed-office-space peers, named, scale is approximate and self-reported by each company, not independently verified in this fetch:
• WeWork India — larger footprint, recently listed (IPO 2025), pan-India, premium enterprise focus
• Awfis Space Solutions — listed, BSE/NSE, IPO 2024, broadly comparable-to-larger scale, pan-India
• Smartworks Coworking — listed (IPO 2025), larger enterprise-managed-office focus, pan-India
• IndiQube, Indiqube Spaces, — recently listed, comparable scale, Bengaluru-heavy footprint similar to BHIVE
• 91springboard — smaller/similar-scale coworking chain, multi-city
• Innov8 Coworking, part of OYO group, — similar-to-smaller scale, multi-city
• BHIVE/Tusker Workspace is Bengaluru-concentrated, with a new Mumbai entry, versus most peers' broader pan-India spread
• It is pursuing an IPO for CY2027, placing it in the same "coworking operators approaching/at public markets" cohort as Awfis, Smartworks and WeWork India.

Frequently Asked Questions

Sources

Tofler (tofler.in) — identity, incorporation, capital, directors/DINs, financials YoY %, charges; TheCompanyCheck (thecompanycheck.com) — identity, directors, revenue FY25, brand/subsidiary note, website pointer; Falconebiz (falconebiz.com) — DIN table with appointment dates, capital, charges; bhiveworkspace.com (official site) — business overview, locations, logo; YourStory (yourstory.com/2025/12/bhive-workspace-pre-ipo-funding-round-raise-rs-400cr) — pre-IPO funding round details; Indian Kanoon (indiankanoon.org) — litigation history. WebSearch was unavailable this session (budget exhausted); Bing/DuckDuckGo were used via WebFetch as substitutes for GSTIN, credit-rating and prior-funding-history searches, with limited success (bot-challenges encountered).