SUMMARY
The funds will be used for global expansion
Earlier, in 2019 it raised a seed funding of $1 Mn
DevX aims at offering support to startups by positioning itself as equal growth partner through allied strategic partnerships and services
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Gujarat-based managed office space provider, DevX has raised $3 Mn from Urmin Family Office, Bidiwala Family Office, Navneet Publications, Venus Infrastructure and Structural Consulting firm Ducon. The funds will be used for expanding globally and growing from managing 9,00,000 sq feet to 2 Mn sq feet area.
Founded in 2017 by Parth Shah, Rushit Shah, and Umesh Uttamchandani, DevX is a coworking office space management platform. Earlier, in 2019 it raised a seed funding of $1 Mn. At the time of inception, the startup’s goal was to nurture other innovative startups by providing them with all the office space-related needs and offering allied strategic partnerships and services.
Commenting on the funding, Umesh Uttamchandani, cofounder, 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 for giving further impetus to our national and global expansion goals.” He furthered that corporates are increasingly opting for shared and managed workspaces which aligns with the goals of DevX.
The coworking space platforms have been witnessing an increasing trend of adoption due to the coming of hybrid model of work, leading the growth of these segmental startups. Recently, another Indian coworking space startup Stylework raised $2 Mn funding from Capri Global Holdings, QI Ventures.
Last year, in December, WeWork raised as much as $66.4 Mn funding from Hong Kong-based private equity company BPEA Credit. In fact, at the early stage of the pandemic, this startup announced an investment of $100 Mn in its Indian unit.
Yet another coworking startup IndiQube bagged around $30 Mn funding led by Westbridge Capital.
ReportLinker, in a study titled Coworking Space Global Market Report 2023, revealed that the market is estimated to grow from $16.17 Bn in 2022 to $19.05 Bn in 2023
Further, the Indian coworking space has grown significantly over the last two years and several startups have emerged locally. ClayWorks Spaces, myHQ, Workly, Table Space etc are a few names operating in this segment.
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