Co-working office space provider DevX raises $3M funding

Gujarat based office space provider DevX has raised $3 million in funding from marquee investors like Urmin Family Office, Bidiwala Family Office, Navneet Publications, Venus Infrastructure and Structural Consulting firm Ducon.

The funds will be used to expand nationally and globally, with plans to grow its current 900,000 square feet under management to 2 million square feet.

The company 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.

DevX is a co-working space and startup accelerator that provides innovative startups with all the necessary resources to nurture their growth. With its allied strategic partnerships and services, the company positions itself as an equal partner in growth, building synergies and enabling cross-pollination of ideas for collaborative growth and development.

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.”

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.