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DevX Coworking Raises $3 Million Funding The funds will be used for national and global expansion

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

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DevX, Gujarat's managed office space provider, has raised funding of $ 3 million from marquee investors like 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 and grow to 2 million sq feet area from the current 9,00,000 sq feet under management.

"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, DevX.

As a core part of the ecosystem, DevX also provides, round the year, a platform for industry, academia, professionals and companies to hold hackathons, seminars, events etc…to address trends and issues. The company is planning to further expand and thus consolidate its pan-India presence by 2023 end. Firmly rooted in the ethos of collaborative growth through partnerships, DevX offers immersive accelerator services across the value chain, according to an official statement by the company.

"We are delighted to participate in DevX's latest funding round, which we view as an Investment in the future of India's coworking segment. DevX's innovative approach to providing an immersive, value-driven experience for its tenants perfectly aligns with our own Investment philosophy," said Devansh Majithia, Urmin Family Office.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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