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DevX Coworking Raises $ 7 Mn Funding

Funds to be used for national & global expansion

To add more assets across India with more than 2 Million Sq Feet area

On track to get listed next year

To build a Proptech solution for design & Build offering

DevX, Gujarat’s largest Managed Office Space provider, today announced that it has raised funding of $ 7 Million with a mix of equity & debt split equally. Family offices such as Urmin family office, Gala family office, Bidiwala family office already on captable participated in the equity round, which showcases testimony to the growth model, alongwith HNIs like Ajay Patel, Mitesh Patel and Soham Mehta; while Debt funding was provided by Banks & NBFCs. 

Gujarat’s leader in the Managed office space segment, DevX is a co-working space cum accelerator founded in September 2017 by 3 entrepreneurs. The company was envisioned as a Startup Accelerator focussed on nurturing innovative startups by providing them with all requirements. Positioning DevX as an equal partner in growth, the company supports through their allied strategic partnerships and services. The different initiatives of DevX are thus structured to build synergies, enabling crosspollination of ideas as a means of collaborative growth and development. The company’s initiatives address different requirements across the value chain. 

Speaking on the funding, Mr Umesh Uttamchandani, Co-Founder – DevX said, “This funding comes at a time when we are bullish on growth in both the national domestic & global markets. The funds will be deployed for giving 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 lakhs sq feet. Putting in place even stronger governance practices; we plan to get listed next year and also build a Proptech solution for design & build offering. We are proud to be setting standards for the segment to aspire to; with our stated business goal of being the partner of choice for GCCs (Global capability Centres) & ODCs (Offshore Development Centres). Growthcentric corporates are increasingly opting for managed workspaces, which perfectly meshes with our philosophy of offering best-in-class work-space experiences at competitive pricing.” 

Opining on the event, Mr Devansh Majithia, Urmin Family Office said, “We are proud, yet again, to be part of this funding round. DevX’s innovative approach to providing an immersive, value drive 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”. 

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 further expand and thus consolidate it’s pan-India presence by 2024 end. 
It takes a village to raise a child.

Synup completed it's acquisition of Clientjoy | Operating System for Agencies yesterday.

Anupama and I wanted to take this opportunity to thank the folks who've been our village while we raised Clientjoy.

So, here it goes.

Thank you.

Thanks Ashit Doshi for giving us our first office and thank you Tanvi Shah Rangwala for being the first believer in us and writing us our first cheque.

Thanks Jatin Chaudhary and eChai Ventures for a lot of things - but most of all, for giving us the first platform where we spoke about Clientjoy and thank you tapan kacheria for being our first paid customer. We still have the INR 1800 invoice.

Thanks Gaurav Zutshi for enabling us to get our first enterprise customer and thank you Rohit K. for being the pillar of support you've been through out our journey.

Thanks Anunay Gupta for pushing us - we know we were not the most ideal founders and thank you Sunder Nookala for asking the right questions with the intent to help, always.

Thanks Anil Roy and Dhirubhai Ambani Institute of Information and Communication Technology for giving us access to talent and thank you Pankaj Bhimani for teaching that sales is not a skill, but an approach - polished language can only take us so far and that ultimately, selling happens between people.

Thanks Shrijay Sheth [keeper of all secrets] for always having the right legal advice and thank you Umesh Uttamchandani for being selflessly available to answer any funding related questions.

Thanks Vikas Mundhra for asking me questions that I wouldn't have asked myself and thank you Bhavin S Bhagat for being kind - always.

Thanks Udit Goenka for launching us on your marketplace and thank you Mihir Joshi and GVFL Limited for your trust.

Thanks Ritam Bhatnagar for giving us shelter while we were 30 and office-less and thank you Mitesh Shethwala for helping us acquire our first solutioning client.

Thanks Abhi Ballabh & Vengat Krishnaraj for bringing clarity into everything we were doing and thank you Mrigank Tripathi and Sachin Bhatia for agreeing to support us when chips were down.

Thank you Dveep, Hirvi, Keyur, Nirav and Faizan for believing in us while we navigated through some of the most difficult stages of our company.

Thank you Stripe, PayPal, Payoneer and Razorpay for partnering with a small firm like us. And thank you IIMA Ventures, SaaSBoomi and NSRCEL for your role in building the ecosystem that supported founders like us.

There are so many more people including our team members, family members, friends, stakeholders and customers who have played a pivotal role in our journey.

Founding and running a company is lonely. As first time founders, we did not always know the right way to do things. You people made the ride easier. You people made the journey better. You people made us.

We hope to enjoy your company in the future 😇

Final thank you to Ashwin Ramesh for seeing the value in what we had built.

Valay, we got our first cheque”

I remember saying these words, full of excitement & somewhat emotional.

It was 31st Dec, New Year's Eve, almost a decade back. That evening was like stepping into a new life for us.  (Me & my younger brother and Co-Founder Valay)

Entigrity wasn't just a dream anymore; it became a reality.

But before getting this first check, I went on to meet 300+ CPAs/accountants door to door and well nobody wanted to trust us.(Offshoring back then was like rocket science). Also we were new, I probably didn’t know how to present myself.

Each meeting was a story in itself, filled with hope and often met with a polite, yet firm 'no.' With each ‘no’ you feel like giving up. But someone within was not ready to quit, maybe that someone was immensely scared of being tagged as failure in life, (That fear of failure probably kept me going).

Jack Owens, CPA out of Orlando, FL after the 2nd meeting told me that “Shawn, I like you buddy let’s get started” And that’s how he wrote us our first check. A 68 year old CPA trusted us and became our first client.

I will always remain deeply grateful to Jack for that trust and belief that he kept on us. Thank you would never be enough to express my gratitude to him. Jack and his team still continue to work with us.

Never forget people who have put early faith in you when you were nobody. Those people might hold no significance to your size of work and stature today but, I always believed that “Don't forget those who supported you when you were nothing”.

This is where the journey of Entigrity started for me in the US and for my brother & Co-founder Valay in India.

I learned that sometimes being naive is an asset. It allows you to see possibilities where others see dead ends.
When everyone around me said, especially some of my relatives in the US, "It's the holiday season, nobody's going to sign up now, people don’t work ” I chose to listen to the voice that mattered most - my own.

It’s with Immense pride I would say that Entigrity's first cheque wasn't signed by a venture capitalist or an angel investor, but by a CPA and that too on the eve of New Year.

Looking back, I'm overwhelmed with gratitude. Grateful to every CPA & Accountant 

- Who partnered with Entigrity and reposed their trust on us.
- Even those who started but couldn’t continue to work with us.
And lastly who said ‘No’ to us,
- Looking back I would say we got lucky in more ways than we could have ever Imagined.

One such luck was getting your First Cheque from a CPA and not from VC/Angel Investor. 

(In fact, in early days of Entigrity whenever we went to raise some money, we never got it. With the benefit of hindsight, it was a blessing in disguise. Today at this stage fortunately a lot of people are ready to invest in us. Life is strange when you needed them the most nobody gave you and now when you don't really need everyone is ready to write a check). 
🎉 𝗦𝘂𝗿𝗽𝗿𝗶𝘀𝗶𝗻𝗴 𝗡𝗲𝘄𝘀 𝗔𝗹𝗲𝗿𝘁: 𝗟𝗶𝗻𝗸𝗲𝗱𝗜𝗻'𝘀 𝗧𝗼𝗽 𝗩𝗼𝗶𝗰𝗲 𝟮𝟬𝟮𝟰! 🎉

I just received some news that is as unexpected as finding an extra crumpled Rs 500 note in your dried shirt after washing– I've been named a LinkedIn Top Voice! Yes, you read that right. No, I didn't hack the system, and no, it's not a paid thing yet! :) 

First things first, a massive THANK YOU to everyone here. This recognition isn't just about my voice, but it's a testament to the incredible community we've built together. It's like being part of the world's most supportive book club, but instead of books, we share ideas, insights, and occasionally, bad jokes.

Unlike X, previously on twitter, I do post some sensible stuff here. But I will try to be more consistent as now I have a badge to take care of. 

I must admit, being called a "Top Voice" feels a bit exaggerated. But here we are, and I'm incredibly humbled and slightly bewildered.

This platform has been a treasure trove of learning, and I'm not just talking about the professional insights. I've learned that no matter how carefully you craft a post, there will always be at least one typo that 95% of commenters kindly ignore. And that no matter how serious the topic, there's always room for a light-hearted comment & and criticism that puts a smile on everyone's face.

So, what's next? Well, I promise to keep bringing my authentic self here – typos, opinions, and all. I'll continue to share, learn, and grow alongside each of you, and yes, I'll try to live up to this 'Top Voice' title without letting it go to my head ( yes, it happens). 

Let's keep making this platform a space for genuine connection and growth. Let me repeat "genuine connection." 

Preferred eChai Business Partners

About eChai Business Partner Program:

eChai Ventures is a friendly global startup network that hosts engaging Startup Growth meetups in 10+ Countries and enables cross-border collaborations.

Key benefits:

  • Engagement at relevant in-person eChai Meetups (~4 meetups/year)
  • Listing on preferred eChai Business Partners page (1 year duration)
  • Feature on eChai.Ventures
You can reach out to Jatin Chaudhary, Co-Founder, eChai Ventures over WhatsApp or over email at [email protected] to explore more about it.