Co-working startup DevX raises $3 M funding from Venus Infrastructure, others

DevX, a provider of managed office space, has raised $3 million from notable investors including Venus Infrastructure, Navneet Publications, Urmin Family Office, and the Bidiwala Family Office.

In May 2019, DevX raised its initial $1 million round from an investor based in Gujarat at a $6 million pre-money valuation.

According to a press release from the company, the additional funds will be used to expand nationally and internationally and increase the area under management from 9,00,000 square feet to 2 million square feet.

An accelerator and co-working space called DevX is dedicated to supporting creative startups by giving them everything they need to succeed. The company responds to various needs along the value chain and offers support through its allied strategic partnerships and services.

DevX, which was founded in September 2017, also offers a venue for businesses, academia, professionals, and organizations to host hackathons, seminars, events, and other activities to address trends and problems. By the end of 2023, the company intends to consolidate its pan-Indian presence through additional expansion.

DevX was founded by Umesh Uttamchandani, Parth Shah, and Rushit Shah. It has more than 25 locations spread across 11 Indian cities.