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DevX raises $7 Mn in equity and debt round


Office space provider DevX has raised $7 million in a mix of equity and debt round. Family offices such as Urmin family office, Gala family office, Bidiwala family office participated in the equity round, along with HNIs like Ajay Patel, Mitesh Patel and Soham Mehta while debt funding was provided by Banks and NBFCs.

DevX had previously raised $3 million from Navneet Education and its existing investors in April last year.

The proceeds will be used towards domestic and global expansion goals, adding more inventiveness to grow vertically across cities and building a proptech solution for design and offerings, DevX said in a press release.

Co-founded in 2017 by Umesh Uttamchandani, Rushit Shah and Parth Shah,  DevX is a co-working space cum accelerator. The company focuses on nurturing startups by providing them with end-to-end solutions and support through its allied strategic partnerships and services.

According to the Ahmedabad-based company, it also provides a platform for industry, academia, professionals and companies to hold hackathons, seminars, and events to address trends and issues. The company is planning to further expand and thus consolidate its pan-India presence by 2024 end.

It competes with the other players in this space like Smartworks, Tablespace, Indiqube and Simpliworks.

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