DevX, a provider of office space, has raised $7 million in a debt and equity round. HNIs like Ajay Patel, Mitesh Patel, and Soham Mehta, as well as family offices like the Urmin, Gala, and Bidiwala family offices, took part in the equity round, while banks and NBFCs supplied the debt funding.
In April of last year, DevX had already raised $3 million from its current investors and Navneet Education.
According to a press release from DevX, the money will be utilized to build a proptech solution for design and offerings, add more creativity to grow vertically across cities, and pursue domestic and international expansion goals.
DevX is a co-working space and accelerator that was co-founded in 2017 by Umesh Uttamchandani, Rushit Shah, and Parth Shah. The company’s primary objective is to support and nurture startups by offering them end-to-end solutions and assistance through its affiliated strategic partnerships and services.
The Ahmedabad-based company claims that it also offers a venue for events, seminars, and hackathons to address trends and issues for professionals, companies, academia, and industry. By the end of 2024, the company intends to continue growing and strengthening its position throughout India.
It faces competition from companies such as Smartworks, Tablespace, Indiqube, and Simpliworks.
