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Indian startup DevX, which provides flexible office space solutions to businesses of all sizes, has raised more than $3m in funding from a number of investors, including Urmin Family Office and Navneet Publications. The capital will be used to expand the company's presence in tier-2 and tier-3 cities across India and double its portfolio to 2 million square feet in the coming financial year. DevX already operates in 25 locations across 11 cities and provides various workspace options, including private offices, dedicated desks, and coworking spaces. It also hosts events and programs to foster collaboration and networking among its members.
DevX, a company that offers flexible office space has raised more than $3 million in capital from a number of important investors including Urmin Family Office, Bidiwala Family Office, Navneet Publications, Venus Infrastructure and the structural consulting firm Ducon. The money will be used to expand Gujarat's largest managed office space provider, which now boasts of controlling 900,000 square feet in 25 locations spread across 11 cities.
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DevX hopes to expand its portfolio in tier-2 and tier-3 cities by the end of this year and strengthen its pan-Indian presence. The company intends to and double its portfolio to 2 million square feet in the coming financial year. It has already begun construction on its Dubai centre and intends to grow to more international markets soon.
The fundraising consists of a $2.3 million new primary stock offering and a dilution by one of the existing investors of about $700,000. This was the second round of funding raised by the company. It had previously raised $1 million from an Ahmedabad-based organisation in mid of 2019.
DevX is a startup based in India that provides flexible office space solutions to businesses of all sizes. It was founded by entrepreneurs Umesh Uttamchandani, Rushit Shah, and Parth Shah, and a listed business Dev Information Technology.
DevX's office spaces come equipped with state-of-the-art amenities, including high-speed internet, conference rooms, 24/7 security, and other essential services required for businesses to operate smoothly. The company offers various workspace options, including private offices, dedicated desks, and coworking spaces, making it easier for businesses to choose an option that suits their specific needs.
In addition to offering flexible office space solutions, DevX also hosts various events and programs designed to foster collaboration and networking among its members. The company aims to create a community of entrepreneurs, startups, and freelancers, providing them with opportunities to learn, grow and collaborate.
DevX currently has multiple locations across India, including Mumbai, Bangalore, Hyderabad, and Delhi, with plans to expand further in the future. The company has received funding from various investors, including Sequoia Capital India's Surge, a startup accelerator program.
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