Gujarat-based flexible office space provider, DevX has raised a funding of $ 7 million with a mix of equity and debt split equally. Family offices such as the Urmin family office, Gala family office, and Bidiwala family office already on captable participated in the equity round, along with HNIs like Ajay Patel, Mitesh Patel, and Soham Mehta; while Debt funding was provided by Banks and NBFCs.
The company is a co-working space cum accelerator founded in September 2017 by three entrepreneurs Rushit, Umesh, and Parth. It was envisioned as a Start-up Accelerator focussed on nurturing innovative start-ups by providing them with all requirements.
Speaking on the funding, Umesh Uttamchandani, co-founder of 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 to give 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 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. ”
Opining on the event, Devansh Majithia of 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-driven 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, around 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 to further expand and thus consolidate its pan-India presence by 2024 end, it added in a press statement.