DevX, a Gujarat-based flexible office space provider, has made headlines by securing $7 million (around INR 58 Cr) in a mix of debt and equity infusion.

Existing investor Bidiwala family office and family offices such as the Urmin family office and Gala family office, along with HNIs like Ajay Patel, Mitesh Patel, and Soham Mehta, participated in the equity funding round. Debt funding was led by Banks and NBFCs.

As per the firm, the freshly raised funds will be deployed to drive its national and global expansion goals. 

DevX | Co-working Space Provider

Founded by three entrepreneurs- Umesh Uttamchandani, Rushit Shah, and Parth Shah, DevX is a Gujarat-based co-working space provider that also provides accelerator support to innovative startups. The Gujarat-based firm provides a platform for industry, academia, professionals, and companies to hold hackathons, seminars, events, etc., to address trends and issues.

Speaking on the funding, Umesh Uttamchandani, Co-founder of DevX, shared his enthusiasm and strategic vision for the company’s future. Uttamchandani highlighted that the timing of this funding is pivotal, aligning perfectly with DevX’s optimistic outlook on broadening its horizons not just within India but across the globe.

With an eye on leveraging this investment, Umesh outlined how the funds would be utilized to propel the company toward its expansion objectives.

Uttamchandani added,

“For India, this infusion of funds gives us the boost to add more inventory to grow vertically across cities – signing up Assets with more than 2 lakh sq feet. Putting in place even stronger governance practices, we plan to get listed next year and also build a Proptech solution for design and build offering.”

Statement from the Investor

Commenting on the development, Devansh Majithia of Urmin Family Office, shared his enthusiasm and support for the recent investment in DevX. Majithia highlighted DevX’s track record of sustained growth and in-depth domain expertise as core factors in driving their participation in this funding round.

As per the startup, it is planning to further expand and thus consolidate its pan-India presence by 2024 end.

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