Coworking space provider DevX on Monday announced fundraising of $3 million from marquee investors like Urmin Family Office, Bidiwala Family Office, Navneet Publications, Venus Infrastructure and Structural Consulting firm Ducon.

The company intends to utilise the funds for expansions - nationally and globally - and grow its coworking space area to two million square feet from 900,000 sq. feet under management currently.

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Umesh Uttamchandani, Co-Founder, DevX said, “We are excited to have raised funding from discerning investors at a time when we are planning aggressive growth. The funds will be deployed for giving further impetus to our national and global expansion goals. The immense experience in real estate, structural engineering, investment that the investors bring to the table will enable us to put in place even stronger governance practices.”

Founded in September 2017, DevX is a co-working space provider which also provides accelerator support to innovative startups and has over 25 centres across 11 Indian cities.

Devansh Majithia, Urmin Family Office said, “We are delighted to participate in DevX’s latest funding round, which we view as an investment in the future of India’s Co-working segment. DevX’s innovative approach to providing an immersive, value drive experience for its tenants perfectly aligns with our own Investment philosophy.”

The company is planning further expand and consolidate its pan-India presence by 2023 end.

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