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, DevX has 97 employees, reflecting a 14% year-over-year decline in headcount.

Is DevX a funded company?

DevX is a funded company, having raised a total of $12.6M 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. Its primary sector is Commercial Real Estate Tech. In India, the Commercial Real Estate Tech sector has seen $118M in funding in 2026 to date.

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 18th amongst 2508 active competitors, of which 106 are funded. It stands 10th 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

DevX is a public company based in Ahmedabad (India), founded in 2017 by Rushit Shardulkumar Shah, Parth Naimeshbhai Shah, Jay Patel and Umesh Uttamchandani. It operates as a Chains providing managed office spaces and shared professional work environments. DevX has raised $12.6M in funding from investors like Ducon Consultants, Navneet Publications and Shreenath Smart Technologies. The company has 2508 active competitors, including 106 funded and 110 that have exited. Its top competitors include companies like Smartworks, WeWork and Industrious.

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

$12.6M in 7 rounds

Latest Funding Round

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

Investors

Ducon Consultants & 40 more

Ranked

18^th among 2508 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 & 2855 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	0 - ₹10 Cr (As on Mar 31, 2020)	4 (As on Jan 01, 2021)
Dev Accelerator Limited CIN: L74999GJ2020PLC115984 , India, Active	Aug 29, 2020	₹100 - ₹500 Cr (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 $12.6M 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	7147359	Series B	1187241	6255677	4463333	5460279
Feb 06, 2024	5274281	Conventional Debt	2889037	4725231	5189059	2086913
Jan 02, 2024	9508556	Series B	4451357	9014989	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 Shardulkumar Shah, Parth Naimeshbhai Shah, Jay Patel and Umesh Uttamchandani.

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

Rushit Shardulkumar Shah: Co-Founder of DevX. They serve on the board of 1 company.
Contact Info: 1 email address and 1 phone number
Parth Naimeshbhai Shah: Co-Founder of DevX. They serve on the board of 1 company.
Contact Info: 1 email address and 1 phone number
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 Shardulkumar Shah, Parth Naimeshbhai Shah, Umesh Satishkumar Uttamchandani and Jaiminbhai Jagdishbhai Shah are part of team and Anand Anilbhai Patel, Pathik Shailesh Patwari, Yash Himanshu Shah, 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 Shardulkumar Shah	Team	-	Current	6y 1m
Parth Naimeshbhai Shah	Team	-	Current	6y 1m
Umesh Satishkumar Uttamchandani	Team	-	Current	6y 1m
Jaiminbhai Jagdishbhai Shah	Investor	-	Current	6y 1m
Anand Anilbhai Patel	Independent board member	-	Current	2y 0m
kvmy{cj	Independent board member	-	Current	2y 3m
uwmemjg	Independent board member	-	Past	2y 1m
kxxrhr{	Independent board member	-	Past	4y 1m
ohpxewe	Independent board member	-	Past	1y 2m
bizjpc{	Independent board member	-	Past	2y 2m
{numjjm	Independent board member	-	Past	4y 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	Provider of managed office solutions for enterprise businesses and growing companies through customized, fully equipped workspaces	$70M	Mansoulcommercial, 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, T. Rowe Price & 35 others	76/100
3rd	Industrious 2013, New York City (United States), Acquired	Operator of flexible workspaces offering private offices and coworking solutions	$334M	Riverwood Capital, Fifth Wall & 16 others	76/100
4th	IndiQube 2015, Bengaluru (India), Public	Provider of a flexible workspace solutions for businesses	$45M	WestBridge Capital, Aravali Investment Holdings ... & 3 others	74/100
5th	Bruntwood 1976, Manchester (United Kingdom), Series D	Provider of integrated commercial property and workspace solutions	$525M	Royal Bank of Scotland, HSBC & 10 others	74/100
6th	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
7th	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
8th	Convene 2009, New York City (United States), Acquired	Hospitality-led venue network offering meeting, event, and flexible workspace solutions	$266M	ArrowMark Partners, Boathouse Capital & 21 others	72/100
9th	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
10th	WeWork 2017, Bengaluru (India), Public	Chains providing flexible office spaces and shared professional work environments	$26.7M	Nepean Capital, Ascertis Credit	68/100
18th	DevX 2017, Ahmedabad (India), Public	Chains providing managed office spaces and shared professional work environments	$12.6M	Shreenath Smart Technologies, Chhattisgarh Investments ... & 39 others	63/100

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Looking for more details on DevX's competitors? Click here to see the top ones

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	2626242	9030009	9112366	1919845
Umesh Uttamchandani	4905138	9035370	2603580	7493009	2329866	7791639
Rushit Shardulkumar Shah	3938853	1743198	7456347	6857817	5972052	7793808
Parth Naimeshbhai Shah	1444596	6880676	7886723	2037471	2680181	6590284
Fund	5.54%	18.5Cr	25734	56023	18556	62510
Parent Entity	39.08%	131Cr	8425666	3843013	6998179	2326244
Enterprise	11.52%	38.6Cr	2751417	2803848	3608009	9420456
Angel	10.47%	35.1Cr	6469866	8913878	1683875	6661295
ESOP Pool	7.60%	25.4Cr	6132298	1846710	5346686	1259380
Total	99.98%	335Cr	5833452	7631039	2184683	2187710

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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)