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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. 
Things to keep in mind during fundraising for early stage founders.

There are no permanent ‘No’s. When an investor passed on your deal, ask for permission to keep them updated every quarter and then enrol them into a list to which you send out a quarterly update across your product, team and growth. You never know when interest in your startup might peak.

Fundraising is a full-time activity for 1 founder. Pitch to as many people as you can. Pitch, Ask for feedback, improve, repeat.

At early stages, valuation is more of an art than a science. Ultimately, when you are at the negotiating table - everything falls back to how desperate you are to raise and how convinced they are to invest in you.

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