India-based coworking startup DevX raised USD 3 million in the recent round of funding. The round took place on April 24, 2023. Marquee investors such as Urmin Family Office, Bidiwala Family Office, Navneet Publications, Venus Infrastructure and Structural Consulting firm Ducon joined in the financing.
Purpose of financing for DevX
With the latest capital injection, DevX seeks to support national and global expansion. It also has plans to grow to a 2 million sq feet area from the current 9,00,000 sq feet under management.
Meanwhile, DevX plans to expand further and thus consolidate its pan-India presence by 2023 end.
What the company’s official has to add
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, and 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.”
He further added, “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) and 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. “
What the investors have to add
Devansh Majithia, Urmin Family Office, further added, “We are delighted to participate in DevX’s latest funding round, which we view as an Investment in the future of India’s coworking segment. DevX’s innovative approach to providing an immersive, value-driven experience for its tenants perfectly aligns with our own Investment philosophy.”
About the company
Umesh Uttamchandani, Parth Shah, and Rushit Shah launched the company in 2017. The company offers a range of workspaces to suit your needs, such as coworking spaces, managed offices, serviced offices, conference rooms, and meeting rooms. In addition to the co-working space, DevX provides a platform for industry, academia, professionals and companies to hold hackathons, seminars, as well as events. The company has a presence in more than 25 centres across 11 cities in India.
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