When was DevX founded?

DevX was founded in 2017 and raised its 1st funding round 2 years after it was founded.

Where is DevX located?

DevX is headquartered in Ahmedabad, India. It is registered at C-01, THE FIRST B/S KESHAVBAUG PARTY PLOT,B/H ITC HOTEL, VASTRAPUR, Ahmedabad, AHMEDABAD, Gujarat, India, 380015.

Which legal entities is DevX associated with?

DevX is associated with Dev Accelerator Limited and 1 other.

How many employees does DevX have?

As of Mar 31, 2026, the latest employee count at DevX is 97.

Is DevX a funded company?

DevX is a funded company, having raised a total of $16.1M across 7 funding rounds to date. The company's 1st funding round was a $***** Seed round, raised on May 2019.

When was the latest funding round of DevX?

DevX's latest funding was a $***** Series B round on May 13, 2024, with participation from 13 investors.

What is the annual revenue of DevX?

Annual revenue of DevX is between ₹100 Cr and ₹500 Cr as on Mar 31, 2025

Where does DevX rank among its competitors?

DevX ranks 17th amongst 1688 active competitors, of which 106 are funded. It stands 9th in terms of total funding among its competitors. The most recent competitor to raise funding was Convene, which secured $230M in Mar, 2026.

Who are the top competitors of DevX?

DevX's top competitors include Smartworks, WeWork and Industrious. Among them, Convene secured the most recent funding round in March, 2026.

DevX - 2026 Company Profile, Team, Funding, Competitors & Financials

Company Details

Chains providing managed office spaces and shared professional work environments. These facilities offer physical infrastructure for businesses, including office design, construction, and ongoing operational management. The services include the provision of desks, meeting areas, and maintenance support to facilitate daily business activities. The business model focuses on delivering functional workspaces that accommodate various organizational needs through standardized facility management and infrastructure deployment.

Website: www.devx.work/
Social
Email ID: *****@devx.work
Phone Number: +91 **********
Registered Address: C-01, THE FIRST B/S KESHAVBAUG PARTY PLOT,B/H ITC HOTEL, VASTRAPUR, Ahmedabad, AHMEDABAD, Gujarat, India, 380015

Key Metrics

Founded Year

2017

Location

Ahmedabad, India

Stage

Public

Total Funding

$16.1M in 7 rounds

Latest Funding Round

Series B, May 13, 2024, $*****

Investors

Ducon Consultants & 40 more

Ranked

17^th among 1688 active competitors

Annual Revenue

₹100 - ₹500 Cr as on Mar 31, 2025

Employee Count

97 as on Mar 31, 2026

Investment & Acquisitions

BabyOrgano & 11 more

Similar Companies

Smartworks & 2093 more

Exit Details

Public

View DevX's full profile

DevX is associated with 2 legal entities given below:

Legal Entity Name	Date of Incorporation	Revenue	Latest Employee Count	Documents
Dev Accelerator Llp CIN: AAK-5929 , India, Active	Sep 14, 2017	-	4 (As on Jan 01, 2021)
Dev Accelerator Limited CIN: L74999GJ2020PLC115984 , India, Active	Aug 29, 2020	$10M - $50M (As on Mar 31, 2025)	97 (As on Mar 31, 2026)

DevX got listed on Sep 17, 2025.

Click here to take a look at DevX's IPO in detail

DevX has raised a total funding of $16.1M over 7 rounds. Its first funding round was on May 2019. Its latest funding round was a Series B round on May 13, 2024 for $*****. 13 investors participated in its latest round. DevX has 18 institutional investors and 23 angel investors.

Here is the list of recent funding rounds of DevX:

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Date of Funding	Funding Amount	Round Name	Post-Money Valuation	Revenue Multiple	Lead Investors	Other Investors
May 13, 2024	5539892	Series B	2525757	6343396	3008191	2104388
Feb 06, 2024	2122972	Conventional Debt	3195919	3245259	1168641	1441703
Jan 02, 2024	7225328	Series B	3545950	2338752	Urmin Family Office & 1 more	Ajay Patel & 6 more

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View details of DevX's funding rounds and investors

The founders of DevX are Rushit Shah, Parth Shah, Jay Patel and Umesh Uttamchandani.

Here are the details of DevX's key team members:

Rushit Shah: Co-Founder of DevX. They serve on the board of 1 company.
Contact Info: 1 email address
Parth Shah: Co-Founder of DevX. They serve on the board of 1 company.
Contact Info: 1 email address
Jay Patel: Co-Founder & Head of Growth of DevX and founder of 1 other company.
Contact Info: 2 email addresses and 1 phone number
Umesh Uttamchandani: Co-Founder, MD & Chief Growth Officer of DevX.
Contact Info: 1 email address and 1 phone number

DevX's Board of Directors

DevX's board has 10 active members. Rushit Shah, Parth Shah, Jaiminbhai Jagdishbhai Shah and Umesh Satishkumar Uttamchandani are part of team and Yash Himanshu Shah, Anand Anilbhai Patel, Pathik Shailesh Patwari, Praveen Kumar, Gopi Trivedi and Anish Alerk Patel are independent board members.

Here is the list of DevX's board of directors:

Name	Type	Representing	Status	Duration
Rushit Shah	Team	-	Current	5y 9m
Parth Shah	Team	-	Current	5y 9m
Umesh Satishkumar Uttamchandani	Team	-	Current	5y 9m
Jaiminbhai Jagdishbhai Shah	Investor	-	Current	5y 9m
Anand Anilbhai Patel	Independent board member	-	Current	1y 8m
oofidzd	Independent board member	-	Current	1y 9m
urfiogb	Independent board member	-	Past	3y 5m
hbltuhj	Independent board member	-	Past	8y 8m
heeyfqx	Independent board member	-	Past	9y 9m
vkuzwiv	Independent board member	-	Past	3y 3m
ifqbubx	Independent board member	-	Past	9y 5m

View details of DevX's Founder profiles and Board Members

DevX's employee count trend

DevX has 97 employees as of Mar 26. The total employee count is 14.0% lower than what it was in Mar 25. Here is DevX's employee count trend over the years:

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Top competitors of DevX include Smartworks, WeWork and Industrious. Here is the list of Top 10 competitors of DevX, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	Smartworks 2015, Gurugram (India), Public	Operator of ready-to-use office spaces with integrated technology and amenities	$70M	Mansoul Commercial, Anshu Gupta Exempt Children Trust ... & 80 others	81/100
2nd	WeWork 2010, New York City (United States), Acquired	Provider of flexible workspace solutions, including coworking spaces and private offices	$12.8B	SoftBank Group, Fidelity Investments & 35 others	80/100
3rd	Industrious 2013, New York City (United States), Acquired	Operator of flexible workspaces offering private offices and coworking solutions	$334M	Riverwood Capital, Fifth Wall & 15 others	78/100
4th	Convene 2009, New York City (United States), Acquired	Hospitality-led venue network offering meeting, event, and flexible workspace solutions	$266M	ArrowMark Partners, Brookfield Asset Management ... & 21 others	76/100
5th	IndiQube 2015, Bengaluru (India), Public	Provider of a flexible workspace solutions for businesses	$45M	WestBridge Capital, MMPL Trust & 6 others	75/100
6th	91Springboard 2012, Mumbai (India), Series B	Operator of shared workspaces, private offices, and virtual office solutions	$29.2M	BTL, Daim International & 52 others	72/100
7th	JustCo 2011, Singapore (Singapore), Public	Provider of managed co-working spaces for freelancers, startups, and small & large companies	$86M	Sansiri, Daito Trust & 5 others	72/100
8th	Bhive 2014, Bengaluru (India), Seed	Chains providing coworking and managed office spaces with flexible options	$3.09M	Blume Venture, Oliphans Capital & 68 others	70/100
9th	Bruntwood 1976, Manchester (United Kingdom), Series D	Provider of integrated commercial property and workspace solutions	$525M	Royal Bank of Scotland, HSBC & 10 others	70/100
10th	iSprout 2016, Hyderabad (India), Seed	Provider of adaptable workspaces featuring amenities, services, and collaborative environments	$7.61M	Access Infinity, Vivriti Asset Management ... & 22 others	69/100
17th	DevX 2017, Ahmedabad (India), Public	Chains providing managed office spaces and shared professional work environments	$16.1M	Shreenath Smart Technologies, Chhattisgarh Investments ... & 39 others	63/100

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Founders own 25.77%, Funds own 5.54%, Parent Entities (largest shareholder) own 39.08% and Enterprises own 11.52%. The net worth of DevX's founders is INR 86.3Cr as of Sep 10, 2024.

Shareholders Name	Post Round Holding %	Net worth	Cumulative Investment	Realised Returns	Unrealised Returns	Return Multiple
Founder	25.77%	86.3Cr	6986551	7728793	3422784	8427871
Umesh Uttamchandani	6957564	1334629	7446508	2735185	7278549	1447021
Rushit Shah	3134116	4643018	1421014	3584293	4444706	6975753
Parth Shah	2491481	3090213	1227328	6766027	8073667	4618226
Fund	5.54%	18.5Cr	20478	53743	56864	13532
Parent Entity	39.08%	131Cr	2541151	1446038	8635753	9099811
Enterprise	11.52%	38.6Cr	6415132	3146488	5849431	7172779
Angel	10.47%	35.1Cr	6435405	8937976	7581960	4410548
ESOP Pool	7.60%	25.4Cr	7879371	6385404	5394497	2561884
Total	99.98%	335Cr	5711132	1531558	9751826	5425199

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Notes: The column Net Worth represents the net worth of investments made by that entity, as per the latest cap table.

Disclaimer

View more details of DevX's Shareholding

DevX has not made any acquisitions yet. DevX has made 12 investments.

Here is the list of latest three $investments:

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Date of Investment/Acquisition	Type	Company Name	Founded Year	Location
Jul 29, 2023	Investments	BabyOrgano	2020	Ahmedabad (India)
Mar 15, 2023	Investments	Finsire	2021	Chennai (India)
Feb 17, 2022	Investments	Growfitter	2016	Mumbai (India)