Monday, February 26, 2024
HomeInsightFunding Alert Co-working Startup DevX Secures $7 Mn Equity & Debt Funding Round

[Funding alert] Co-working Startup DevX Secures $7 Mn Equity & Debt Funding Round

DevX, a Managed Office Space provider announced that it has raised funding of $ 7 Million with a mix of equity & debt split equally.

DevX, a Managed Office Space provider announced that it has raised funding of $7 Million with a mix of equity & debt split equally.

Family offices such as Urmin family office, Gala family office, Bidiwala family office already on captable participated in the equity round, which showcases testimony to the growth model, alongwith HNIs like Ajay Patel, Mitesh Patel and Soham Mehta; while Debt funding was provided by Banks & NBFCs.

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Speaking on the funding, Mr Umesh Uttamchandani, Co-Founder – DevX said, “This funding comes at a time when we are bullish on growth in both the national domestic & global markets. The funds will be deployed for giving 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 lakhs sq feet. Putting in place even stronger governance practices; we plan to get listed next year and also build a Proptech solution for design & build offering.  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) & ODCs (Offshore Development Centres). 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.”

Gujarat’s leader in the Managed office space segment, DevX is a co-working space cum accelerator founded in September 2017 by 3 entrepreneurs. The company was envisioned as a Startup Accelerator focussed on nurturing innovative startups by providing them with all requirements. Positioning DevX as an equal partner in growth, the company supports through their allied strategic partnerships and services.

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Opining on the event, Mr Devansh Majithia, Urmin Family Office said, “We are proud, yet again, to be part of this funding 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”.

As a core part of the ecosystem, DevX also provides, round the year, a platform for industry, academia, professionals and companies to hold hackathons, seminars, events etc…to address trends and issues. The company is planning further expand and thus consolidate it’s pan-India presence by 2024 end.

Read also – [Funding alert] Sportstech Platform SportVot Secures INR 9.4 Cr Funding From Omidyar Network, Others

About DevX

DevX is a co-working cum accelerator envisioned to provide world-class, best-in-breed services to its clients. Firmly rooted in the ethos of collaborative growth through partnerships, DevX offers immersive accelerator services across the value chain.

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