DevX CoWorking Raises $ 3 Mn in Funding from Marquee Investors
  • Funds to be used for further expansion
  • Plans to grow to 2 Million Sq Feet area in India & Globally
  • Total Assets Under Management – 9,00,000 Lakhs Sq feet
  • Pan India presence with 25+ Centres across 11 cities
DevX, Gujarat’s largest Managed Office Space provider, today announced that it has raised funding of $ 3 Million from marquee investors like Urmin Family Office, Bidiwala Family Office, Navneet Publications, Venus Infrastructure and Structural Consulting firm Ducon. The funds will be used for national and global expansion & grow to 2 Million Sq feet area from the current 9,00,000 Sq feet under management.

Recently feted as Gujarat’s leader in the Managed office space segment, DevX is a co-working space cum accelerator founded in September 2017 by 3 entrepreneurs Rushit, Umesh Parth (the RUPaiyya trio as they are known in the ecosystem) and one listed entity: Dev Information Technology Ltd.

The company was envisioned as a Startup Accelerator focussed on nurturing innovative startups by providing them with all requirements. Positioning DevX as an equal partner in growth, the company supports through their allied strategic partnerships and services. The different initiatives of DevX are thus structured to build synergies, enabling cross-pollination of ideas as a means of collaborative growth and development. The company’s initiatives address different requirements across the value chain.

Speaking on the funding, Mr Umesh Uttamchandani, Co-Founder – DevX said, “We are excited to have raised funding from discerning investors at a time when we are planning aggressive growth. The funds will be deployed for giving further impetus to our national and global expansion goals. The immense experience in real estate, structural engineering, investment that the investors bring to the cap table will enable us to put in place even stronger governance practices. As Gujarat’s leader in the space, the funding helps us reaffirm our core values of offering world-class office infrastructure with an immersive experience. We are proud to be setting standards for the segment to aspire to. With our stated business goal of being the partner of choice for GCCs (Global capability Centres) & ODCs (Offshore Development Centres), I am excited about the future expansions to come. Growth-centric corporates are increasingly opting for managed workspaces, which perfectly meshes with our philosophy of offering best-in-class work-space experiences at competitive pricing.”

Opining on the event, Mr Devansh Majithia, Urmin Family Office said, “We are delighted to participate in DevX’s latest funding round, which we view as an Investment in the future of India’s Co-working segment. DevX’s innovative approach to providing an immersive, value drive experience for its tenants perfectly aligns with our own Investment philosophy. 

As a core part of the ecosystem, DevX also provides, round the year, a platform for industry, academia, professionals and companies to hold hackathons, seminars, events etc…to address trends and issues. The company is planning further expand and thus consolidate it’s pan-India presence by 2023 end.

About DevX:

DevX is a co-working cum accelerator envisioned to provide world-class, best-in-breed services to its clients. Firmly rooted in the ethos of collaborative growth through partnerships, DevX offers immersive accelerator services across the value chain.


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