Gujarat-Based DevX Coworking Secures $7 Million Funding for Accelerated Growth
- ByStartupStory | February 5, 2024
Gujarat-based coworking and startup accelerator, DevX, has successfully raised $7 million in funding through a combination of equity and debt financing. The round saw participation from esteemed family offices including Urmin, Gala, and Bidiwala, as well as high-net-worth individuals (HNIs) such as Ajay Patel, Mitesh Patel, and Soham Mehta. The debt funding component was facilitated by leading banks and non-banking financial companies (NBFCs).
Founded in September 2017 by entrepreneurs Rushit, Umesh, and Parth, DevX initially established itself as a startup accelerator with a focus on nurturing innovative ventures by providing comprehensive support. The newly acquired funds are expected to fuel the company’s ambitious growth plans both domestically and globally.
Umesh Uttamchandani, co-founder of DevX, expressed enthusiasm about the funding, stating, “This infusion of capital comes at a strategic juncture when we are optimistic about growth in both the national and global markets. The funds will be instrumental in propelling our expansion efforts, with a particular emphasis on adding significant inventory to vertically expand across various cities, totaling more than 2 lakh sq feet.”
Uttamchandani also outlined the company’s broader vision, revealing plans for stronger 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 perfectly aligns with our own investment philosophy. Their sustained growth and in-depth domain expertise have been key factors in driving our participation in this funding round.”
As an integral part of the entrepreneurial ecosystem, DevX offers 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 ahead, DevX aims to consolidate its pan-India presence by the end of 2024, with plans for strategic expansion and continued commitment to providing a dynamic and supportive environment for startups and businesses.
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