DevX Coworking Secures $7 Million Funding for Expansion

Gujarat-based startup accelerator and coworking space provider, DevX, has successfully secured $7 million in funding through a combination of equity and debt financing. The funding round witnessed participation from reputable family offices, including Urmin, Gala, and Bidiwala, as well as high-net-worth individuals (HNIs) such as Ajay Patel, Mitesh Patel, and Soham Mehta. Leading banks and non-banking financial companies (NBFCs) facilitated the debt funding component.

Founded in September 2017 by entrepreneurs Rushit, Umesh, and Parth, DevX initially positioned itself as a startup accelerator, offering comprehensive support to innovative ventures. The newly acquired funds will play a crucial role in driving the company’s ambitious growth plans both domestically and globally.

Umesh Uttamchandani, co-founder of DevX, expressed optimism about the funding, stating, “This capital injection is strategically timed, aligning with our growth expectations in national and global markets. The funds will significantly contribute to our expansion, particularly in adding substantial inventory across various cities, totaling more than 2 lakh sq feet.”

Uttamchandani also outlined DevX’s broader vision, including plans for enhanced governance practices, an upcoming listing in the next year, and the development of a proprietary Proptech solution for design and build services.

DevX has garnered support from notable investors, with Devansh Majithia of Urmin Family Office stating, “DevX’s innovative approach to providing an immersive, value-driven experience for its tenants aligns perfectly with our investment philosophy. Their sustained growth and in-depth domain expertise were pivotal factors in our participation in this funding round.”

Integral to the entrepreneurial ecosystem, DevX provides a year-round platform for industry, academia, professionals, and companies to engage in hackathons, seminars, and events, fostering collaboration and addressing emerging trends and challenges.

Looking forward, DevX aims to solidify its pan-India presence by the end of 2024, with strategic expansion plans and continued commitment to providing a dynamic and supportive environment for startups and businesses.

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