DevX Raises INR 63 Cr From Anchor Investors Ahead Of IPO

Coworking space provider DevX (Dev Accelerator Ltd) has raised INR 63.2 Cr from anchor investors ahead of its initial public offering (IPO). The company allotted over 1 Cr equity shares at INR 61 apiece to eleven anchor investors. 

Finavanue was the largest investor in DevX’s anchor round, investing over INR 10 Cr for 16.4 Lakh shares. Sunrise Investment was the second biggest investor, buying 11.7 Lakh shares for INR 7.2 Cr. 

Other investors partaking in the anchor round include SB Opportunities Fund II, Meru Investment Fund PCC, Abans Finance, and Chattisgarh Investments.

The coworking space provider has set a price band of INR 56 to INR 61 for its initial public offering, which is scheduled to open tomorrow (September 10). The public offering will value DevX at INR 550.1 Cr at the upper end of the price band.

DevX filed its red herring prospectus on September 3 for an IPO that will solely comprise a fresh issue of 2.35 Cr shares. Notably, it has reduced its IPO size by 40 Lakh equity shares from the fresh issue proposed in the DRHP. At the upper end of the price band, DevX would raise INR 143.3 Cr from the IPO.

Founded in 2017 by Parth Shah, Rushit Shah, and Umesh Uttamchandani, DevX positions itself as an integrated workspace solutions provider, going beyond coworking to also offer managed office spaces, payroll processing, and allied services.

As of May 31, 2025, it had 28 centres across 11 Indian cities, including Mumbai, Delhi NCR, Pune, Hyderabad, and Ahmedabad, managing a super built-up area of 8.6 Lakh sq ft with 14,144 seats. Its client base stood at over 250 companies, ranging from startups and freelancers to large enterprises and global capability centres (GCCs).

The Ahmedabad-based company reported a 3.9X jump in profit in FY25, posting INR 1.7 Cr net profit compared to INR 43.3 Lakh in FY24. Operating revenue grew 47% YoY to INR 158.9 Cr in FY25 from INR 108.1 Cr a year earlier, driven largely by coworking and managed office solutions. 

Post listing, DevX will become the fourth coworking operator on Indian bourses, joining Awfis, Smartworks, and IndiQube. Unlike these larger rivals, each with revenues exceeding INR 1,000 Cr in FY25, DevX is still the smallest player in the listed cohort. Awfis remains the only consistently profitable one, while Smartworks and IndiQube are scaling aggressively.

Meanwhile, WeWork India, the largest player in the space, is also preparing for its IPO, after turning profitable in FY25 with a PAT of INR 128.2 Cr on revenues of INR 1,949.2 Cr.