India: Gujarat-based flexible workspace provider DevX has raised $7 million, with a mix of equity and debt split equally.
The raise featured new and existing investors, and included family offices such as the Urmin family office, Gala family office, and Bidiwala family office as well as HNWIs Ajay Patel, Mitesh Patel, and Soham Mehta. Debt funding was provided by banks and NBFCs.
DevX is a coworking space/accelerator founded in September 2017. It was envisioned as a start-up accelerator focussed on nurturing innovative start-ups by providing them with all their workspace requirements.
Umesh Uttamchandani, co-founder of DevX said: “This funding comes at a time when we are bullish on growth in both the national domestic and global markets. The funds will be deployed to give further impetus to our national and global expansion goals. For India, this infusion of funds gives us the boost to add more inventory to grow vertically across cities – signing up assets with more than 2 lakh sq feet. Putting in place even stronger governance practices; we plan to get listed next year and also build a proptech solution for design and build offering.”
Devansh Majithia of Urmin Family Office added: “We are proud, yet again, to be part of this funding round. DevX’s innovative approach to providing an immersive, value-driven experience for its tenants perfectly aligns with our own Investment philosophy. Their track record of sustained growth and in-depth domain expertise have been core factors in driving our participation in this funding round.”
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 thus consolidate its pan-India presence by the end of 2024 end.
The latest raise follows a $3 million funding round in April last year.
