NOIDA-based Indian coworking start-up DevX has raised $ 3 million in a funding round led by Urmin Family Office, Bidiwala Family Office, Navneet Publications, Venus Infrastructure and Ducon. 

The company will utilise the newly generated fund to expand its business operations. It will focus on spreading its business across a two million square feet area. Currently, it manages 9,00,000 square feet. 

Prior to this, it raised $ 1 million at a valuation of $ 6 million in a funding round in 2019.

Founded by Umesh Uttamchandani, Parth Shah and Rushit Shah in September 2017, the company is known for providing workspace requirements to Indian start-ups. It eyes to scale its operation across the country by 2023./

Addressing the fund-raising round, Umesh Uttamchandani, the co-founder of DevX, said,  “We are excited to have raised funding from discerning investors at a time when we are planning aggressive growth." 

“The funds will be deployed to give further impetus to our national and global expansion goals. The immense experience in real estate, structural engineering and investment that the investors bring to the cap table will enable us to put in place even stronger governance practices," he added. 

Addressing their decision to invest, Devansh Majithia, the co-founder of Urmin Family Office, said, “We are looking at this as an investment in the future of India’s coworking segment. DevX’s innovative approach to providing an immersive, value-driven experience for its tenants perfectly aligns with our own investment philosophy.”