DevX, a co-working space provider, 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.

As per the startup, the freshly raised funding will be used for expansions, nationally and globally. The raised capital will be used to grow its co-working space area to two million square feet from 900,000 sq. feet under management currently.

DevX | Co-working Space Provider

Founded by Rushit Shah, Parth Shah and Umesh Uttamchandani in 2017, DevX is a co-working space provider and runs its startup accelerator program. It provides accelerator support to innovative startups and has over 25 centres across 11 Indian cities.

Speaking about the development, Umesh Uttamchandani, Co-Founder of 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 table will enable us to put in place even stronger governance practices.”

The concept behind the company was to create a Startup Accelerator that focuses on helping innovative startups grow by providing them with all the necessary resources. DevX aims to be a partner in the growth of these startups, providing support through strategic partnerships and services.

The Ahmedabad-based startup provides a platform for industry, academia, professionals and companies to hold hackathons, seminars and other such events as well. In 2019, DevX raised $1 million in a funding round from Ahmedabad-based Parshwanath Land’s family office.

Commenting on the development, 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.”

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