February 5, 2024: Gujarat-based flexible office space provider DevX has announced its plans to raise funding of $ 7 million with a mix of equity and debt split equally, according to an official release. 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, along with high net-worth individuals (HNIs) like Ajay Patel, Mitesh Patel and Soham Mehta; while debt funding was provided by banks and NBFCs.
Umesh Uttamchandani, co-founder, DevX, said, “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 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 lakh sqft. 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. 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) and 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.”
Devansh Majithia, Urmin Family Office, said, “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”.
DevX is a co-working space cum accelerator founded in September 2017. The company also provides a platform for industry, academia, professionals and companies to hold hackathons, seminars, events, etc. to address trends and issues. The company is planning to expand its pan-India presence by 2024 end, according to the release.
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