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flexible office space provider DevX has raised over $3 million in funding from leading investors including Urmin Family Office, Beediwala Family Office, Navneet PublicationsVenus Infrastructure and structural consulting firm Ducon.
The funds will be used for the expansion of Gujarat’s largest managed office space provider and to more than double its portfolio to 2 million sq ft from the current 900,000 sq ft under management with 25 centers across 11 cities.
“We are excited to raise funds from savvy investors at a time when we plan for aggressive growth,” said Umesh Uttamchandani, Co-Founder. DevX, “The funds will be deployed to further accelerate our national and global expansion goals. The immense experience in real estate, structural engineering and investments that InvestorCap brings to the table will enable us to build on even stronger governance practices.
DevX is looking to expand its portfolio in metro cities, tier-2 and 3 cities and thereby strengthen its presence across India by the end of this year.
The fund raising consists of a fresh and primary issue of equity valued at $2.3 million by one of the existing investors and a dilution of approximately $700,000. This is the second round of funding raised by the company. Earlier it raised $1 million from an Ahmedabad-based entity in mid-2019.
K Devansh Majithia said, “We see this as an investment in the future of the co-working segment in India.” Urmin Family Office, “DevX’s innovative approach to providing a comprehensive, value-driven experience for its tenants aligns perfectly with our own investment philosophy.”
The company has already started work on its Dubai center and is planning to expand to other international markets as well. Uttamchandani said it may soon look at raising funds for global expansion.
Launched in September 2017, DevX is a co-working space-cum-accelerator founded by entrepreneurs Uttamchandani, Rushit Shah and Parth Shah, and a listed entity Dev Information Technology,
Want flexible workspace The number of large enterprises in metros and even tier-2 and 3 cities has increased manifold in the backdrop of growing acceptance for hybrid work models that have emerged after the outbreak of the COVID-19 pandemic, and hence adaptation is a priority. office space.
The entire flexible workspace universe has shifted from the cookie-cutter approach of standard workspace options to a more customized, enterprise solution with a greater focus on end-to-end space and facilities management.
This has resulted in the emergence of a separate managed space operator category within the flex ecosystem, in addition to other operators evolving into a more hybrid model to support large enterprises that are now on-demand, new-age Creating workspaces.
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