With its ambitious plans, DevX is poised to double its coworking spaces to a staggering 2 million sq ft in just two years. This expansion strategy also includes international destinations like Dubai and Singapore. Bolstered by a recent $7 million funding boost, DevX is also making strategic partnerships, such as the one with Deakin University for its new India campus.
DevX, a leading provider of managed office space, has announced ambitious plans to double its coworking office portfolio to over 2 million square feet within the next two years. This strategic expansion accommodates the growing demand for distributed workforce solutions, particularly from large enterprises in tier-2 and tier-3 cities.
Currently boasting operational centres in major Indian cities such as Mumbai, Pune, Hyderabad, Noida, Raipur, Jaipur, and Ahmedabad, DevX has recently added a new 25,000-square-foot coworking centre in Udaipur, which features 300 seats. The move underscores the company’s commitment to enhancing its domestic and global footprint, with upcoming forays into international markets like Dubai and Singapore.
Umesh Uttamchandani, co-founder of DevX, highlighted the potential of smaller cities, stating, “India’s next wave of growth will come from tier-2 and -3 cities. These markets have all the requisite factors—aspirations, opportunities, diversity of talent, and hunger for growth—and DevX intends to partner with our clients to harness them.” He further emphasised the company’s vision to be the partner of choice for multinational firms, global capability centres (GCCs), and offshore development centres (ODCs).
The expansion is supported by a recent injection of $7 million in mixed equity and debt capital to propel further national and global expansion. Since its inception in 2017, DevX has managed assets across 27 centres in 10 cities, underscoring its rapid growth and robust market presence.
Additionally, DevX is pioneering educational infrastructure by setting up Deakin University’s India campus in GIFT City, Gujarat. This project marks the first instance of an international university establishing a campus in India, with DevX leading the conceptualisation, design, and construction in partnership with Nila Infrastructure.
The increasing demand for flexible office spaces in India, accelerated by the COVID-19 pandemic, has been driven by a mix of factors, including the expansion of startup ecosystems, evolving work environments, and the need for cost-effective, adaptable workspace solutions. This trend places DevX at the forefront of the flexible office space industry, poised to capitalise on these emerging market dynamics.
About DevX
DevX, a prominent managed office space provider, is strategically positioned in India’s burgeoning coworking industry. Founded in 2017, the company has swiftly expanded its footprint, managing 1.02 million square feet of assets across 27 centres in 10 cities, including Mumbai, Pune, and Hyderabad. DevX offers state-of-the-art coworking and flexible office solutions tailored to meet the needs of dynamic startups and large multinational firms.
DevX’s strategic approach involves focusing on tier-2 and tier-3 cities, identifying these as key growth areas due to their untapped market potential, diversity of talent, and increasing demand for flexible workspaces. The company plans to double its portfolio to over 2 million square feet within the next two years, a testament to its robust expansion strategy.
Moreover, DevX is pioneering by venturing into international markets, with plans underway for new centres in global cities like Dubai and Singapore. This global expansion strategy underscores DevX’s ambition to become a leading partner in the flexible office space market worldwide.
