DevX, Gujarat's premier managed office space provider, has secured USD 7 million in funding, split evenly between equity and debt. Notable investors include Urmin, Gala, Bidiwala family offices, and individuals like Ajay Patel, Mitesh Patel, and Soham Mehta. Founded in 2017, DevX operates as a co-working space and accelerator, supporting start-ups with strategic partnerships. DevX plans to add inventory, improve governance, and develop a Proptech solution. With a focus on hackathons and events, DevX aims for nationwide growth by 2024, solidifying its status in the managed office space sector.
DevX, Gujarat's Leading Managed Office Space Provider, has successfully raised USD 7 million in funding, with an even split between equity and debt. The equity round saw investments from prominent family offices such as Urmin, Gala, and Bidiwala, along with high-net-worth individuals Ajay Patel, Mitesh Patel, and Soham Mehta. This influx of capital underscores the confidence these investors have in DevX's growth strategy.
Founded in September 2017 by three entrepreneurs, DevX operates as both a co-working space and accelerator, nurturing innovative startups by providing comprehensive support. The company positions itself as a growth partner, offering strategic partnerships and services to startups, fostering collaboration and idea exchange.
Umesh Uttamchandani, Co-Founder of DevX, expressed that the funding comes at an opportune moment, coinciding with the company's optimistic outlook on growth in national and global markets. The funds will be strategically utilized to propel expansion efforts domestically and internationally. In India, the infusion will facilitate the addition of more inventory, enabling vertical growth across various cities, with assets exceeding 2 lakh square feet. Additionally, DevX plans to enhance governance practices and aims to go public next year, while also developing a Proptech solution for design and construction services.
As an integral component of the ecosystem, DevX consistently offers a platform for industry, academia, professionals, and companies to organise hackathons, seminars, and events addressing emerging trends and issues. With plans to further expand, DevX aims to strengthen its nationwide presence by the end of 2024.
The funding secured by DevX underscores not only the company's commitment to providing superior workspace experiences but also its position as a preferred partner for Global Capability Centres (GCCs) and Offshore Development Centres (ODCs). With ambitious expansion plans and a focus on innovation, DevX is poised for continued success in the managed office space industry.
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