DevX raises $7 million to support expansion, develop proptech solution

Managed office space provider DevX has raised funding of $7 million or over Rs 58 crore with a mix of equity and debt split equally from investors including banks, non-banking finance companies, family offices, and high networth individuals (HNIs) in its third round of fundraising.
In addition to new investors, existing investors including Urmin family office, Gala family office, Bidiwala family office, and HNIs have participated in the equity round. Debt funding was provided by banks and NBFCs.
The funds raised will be used for national and global expansion, to add more assets across India with more than 2 million sq ft area, and to build a proptech solution for design and build offering.
“This funding comes at a time when we are bullish on growth in both the national domestic and global markets. The funds will be deployed to provide further impetus to our national and global expansion goals. 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 million sq feet,” said Umesh Uttamchandani, Co-Founder of DevX.

Urmin family office has been one of the key limited partners in several private equity firms. Gala family office has invested in many startups across sectors especially education. Bidiwala family office has been an active investor in in multiple startups and venture capital firms. Along with real estate developers Ajay Patel and Mitesh Patel, Soham Mehta of waste water treatment company Advent Environcare has also invested in this round.

“DevX’s innovative approach to providing an immersive, value drive experience for its tenants perfectly aligns with our own Investment philosophy. Their track-record of sustained growth and in-depth domain expertise have been core factors in driving our participation in this funding round,” said Devansh Majithia, Urmin Family Office.Prior to this third round of capital raising, DevX had raised $1 million in 2019 and $2 million in 2022. In the latest round of total $7 million, fresh equity is worth $3.5 million and the balance amount has been raised through debt. The company is planning to go public and get listed next year.Gujarat’s leader in the managed office space segment, DevX is a co-working space and accelerator founded in September 2017 by three entrepreneurs. The company currently has portfolio of over 1 million sq ft across 27 managed co-working centers in 11 cities including Ahmedabad, Vadodara, Rajkot, GIFT city, Pune, Mumbai, Noida, Jaipur, Hyderabad, Indore, and Raipur.

Owing to the increased need for adaptable workspace solutions from large corporations and dynamic startups globally, the Indian market has emerged as one of the fastest-growing hubs for flexible office spaces, particularly in the aftermath of the COVID-19 pandemic.

Several factors, including the expansion of startup ventures, evolving work environments, and the requirement for economical and versatile solutions, have been contributing to the escalating demand for flexible office spaces.

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