India: Gujarat-based office space provider DevX has raised funding of $3 million from investors including the Urmin Family Office, Bidiwala Family Office, Navneet Publications, Venus Infrastructure and structural consulting firm Ducon.
The funds will be used for national and global expansion, with a target of 2 million square feet under management compared with the current 900,000 square feet.
“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. 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. With our stated business goal of being the partner of choice for GCCs (Global capability Centres) and ODCs (Offshore Development Centres), I am excited about the future expansions to come,” said Umesh Uttamchandani, co-founder of DevX.
As well as managing office space, DevX also provides a platform for industry, academia, professionals and companies to hold hackathons, seminars and events to address trends and issues. The company is planning to further expand and consolidate its pan-India presence by the end of 2023.
