DevX Nets $7 Mn Funding To Scale Up Its Coworking Office Space Playbook

Coworking office space startup DevX has raised a fresh funding of $7 Mn (around INR 58 Cr) in a mix of debt and equity infusion.

The round saw participation from existing family offices, including Urmin, Gala and Bidiwala, with participation from high-net-worth individuals like Ajay Patel, Mitesh Patel and Soham Mehta, besides, banks and NBFCs.

The startup plans to use the fresh funds to fuel its national and global expansion goals.

Gujarat-based DevX, founded by Parth Shah, Rushit Shah and Umesh Uttamchandani in 2017, focuses on nurturing innovative startups by providing them with all requirements by being positioned as equal partner in growth. Through such tie-ups, the startup supports via allied strategic partnerships and services.

Uttamchandani said, “This funding comes at a time when we are bullish on growth in both the national domestic & global markets. In the Indian market, the funds will enable the startup to add more inventories and grow vertically across cities by signing up assets with more than 2 Lakh sq feet.”

DevX also claims to be providing a platform for industry, academia, professionals and companies to hold hackathons, seminars, events etc, to address trends and issues. The startup is planning to further expand and thus consolidate its pan-India presence by 2023 end.

Last year, in April, the startup secured $3 Mn to expand globally and grow from managing 9,00,000 sq feet to 2 Mn sq feet area. 

The coworking office space startups have been garnering traction from investors for quite some time now.

For instance, in October last year, coworking space startup Qdesq secured an undisclosed amount of funding from Gruhas to expand team and capabilities, thus fuelling growth and scale in both businesses.