DevX: Redefining the Future of Coworking and Startup Acceleration in India

Established in Ahmedabad with the goal of filling a gap in Gujarat’s startup ecosystem, DevX has quickly become a leader in the coworking and accelerator space. With a mission to empower startups and entrepreneurs through purpose-built workspaces, they’ve created an environment where collaboration and growth thrive.

Their approach combines innovative technology, curated office solutions, and a deep commitment to creating sustainable growth paths for the businesses they host. DevX offers a unique value proposition through strategic partnerships, a technology-driven operational model, and an expanding network of coworking centers designed to meet the evolving needs of startups and established companies alike.

In this Startuptalky, we will learn more about DevX’s success story, its founders, business model, innovative revenue models, growth, challenges, investments, strategic partnerships, and how they are reshaping the future of coworking in India and beyond.

DevX - Company Highlights

DevX - About
DevX - Industry
DevX - Founders and Team
DevX - Startup Story
DevX - Mission and Vision
DevX - Name, Tagline and Logo
DevX - Business Model
DevX - Revenue Model
DevX - Challenges Faced
DevX - Funding and Investors
DevX - Investments
DevX - Mergers and Acquisitions
DevX - Growth
DevX - Advertisements and Social Media Campaigns
DevX - Competitors
DevX - Future Plans

DevX - About

DevX is a leading coworking space provider in India, offering a wide range of workspaces, including coworking spaces, managed offices, serviced offices, conference halls, and meeting rooms. In addition to workspaces, DevX actively supports startups through the DevX Venture Fund and accelerator program.

At DevX, their passion lies in helping startups and businesses unlock their full potential. They are more than just a workspace provider—they are a thriving community of innovators, entrepreneurs, and game-changers.

With over 25 centers in 10+ cities across India, DevX offers a variety of flexible workspaces tailored to fit diverse business needs. Whether it's coworking spaces or managed offices, their state-of-the-art facilities are designed to spark collaboration, creativity, and productivity—creating the ideal environment for businesses to flourish.

Beyond offering workspaces, DevX is deeply committed to nurturing startups through their DevX Venture Fund. Their accelerator program equips early-stage startups with funding, mentorship, and the necessary resources for success, reflecting their belief that, together, they can shape a brighter future for all.

DevX - Industry

In the first quarter of 2023, coworking spaces made a significant impact, accounting for 27% of net workspace absorption, amounting to 8.2 million square feet across the top seven cities. This marks a remarkable rise from the 14% share observed in Q1 2019, highlighting the growing demand for flexible workspace solutions.

India’s coworking market has now surpassed 13 million square feet and continues to expand. While major cities like Delhi-NCR, Mumbai, Bangalore, and Chennai remain key players, coworking spaces are also gaining traction in tier 2 and tier 3 cities, signaling that coworking is no longer confined to metropolitan hubs.

A key post-pandemic trend is the extraordinary rise in coworking spaces. India’s major cities witnessed a staggering 90% increase in flexible workspace utilization during Q1 2023 compared to 2019. This surge can largely be attributed to the increasing demand for flexible work setups, as remote work became commonplace. Both large and small businesses have embraced coworking spaces for the agility they provide without the long-term commitment of traditional leases. India's coworking space market is projected to reach a size of $2,842.2 million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 20.6% from 2024 to 2030. This rapid expansion reflects the increasing demand for flexible workspace solutions across the country, driven by shifts in work culture and the rise of hybrid and remote work models. 

DevX - Founders and Team

Rushit Shah

Rushit Shah is the Co-Founder and Chief Engagement Officer of DevX.

Rushit Shah, based in Ahmedabad, India, brings over seven years of hands-on experience in the IT industry, with a strong focus on Network Infrastructure Management. His deep understanding of technology and digital transformation has fueled his drive to deliver innovative solutions within the Commercial Real Estate (CRE) industry.

Currently serving as Co-Founder and Chief Engagement Officer at Dev Accelerator (DevX), Gujarat's largest coworking space provider, Rushit oversees key departments including Purchase, Admin, Legal, and Network. His role involves building and managing strategic relationships with vendors, builders, and clients, ensuring efficient and productive operational solutions.

Mr. Shah also co-founded TRAZO EdTech LLP and previously held positions at XDuce Infotech Private Limited - India and The Gujarat State Co-Op. Bank Ltd. His professional journey is complemented by a Bachelor's degree in Information Technology from U.V. Patel College of Engineering (2008-2012). With a versatile skill set covering areas like ATM networks, MySQL, client relations, IT financial management, and C programming, Rushit has cultivated expertise in client relationship management, negotiation, and strategic partnerships.

As a leader in the coworking space sector, Mr. Shah is committed to establishing DevX as a pioneering brand in the office space industry, fostering the growth of startups and supporting their development with cutting-edge infrastructure.

Parth Shah

Parth Shah is the Co-Founder and Chairman of the Board.

Parth Shah is a dynamic entrepreneur and Co-Founder at DevX, as well as the Founder of TRAZO EdTech. With over a decade of experience in operations, Parth has developed a reputation as a go-getter, passionate about transforming the commercial real estate industry with innovative and disruptive office space solutions.

He holds a BBA in Finance from V.M. Patel College of Management and an MBA in Marketing from A.M. Patel Institute of Computer Studies. Parth began his career as a soft skills trainer before transitioning into roles that focused on streamlining and automating hiring processes for enterprises. His early experiences shaped his ability to identify opportunities, which led to the successful founding of two startups.

As the Co-Founder and COO of DevX, Parth plays a pivotal role in the coworking and managed office space solutions sector. He also heads one of DevX's verticals, Phi Designs, where he oversees the planning and execution of interior designs for new coworking spaces and manages offices. In addition to his work in space design, Parth is actively involved in digital marketing and operations for DevX.

A serial entrepreneur with a keen eye for startups, Parth is also an investor who, along with his co-founders, supports the growth of tech startups by helping them streamline their processes and scale efficiently. His commitment to innovation and his extensive industry knowledge make him a valuable mentor and leader in the coworking space industry.

Umesh Uttamchandani

Umesh Uttamchandani is the Co-Founder and Chief Growth Manager of DevX.

Umesh Uttamchandani, with nearly a decade of experience in the IT and Real Estate industries, is a strategic thinker with a passion for marketing, sales, and entrepreneurship. As the Co-founder and Chief Growth Officer at Dev Accelerator (DevX), Umesh focuses on strengthening strategic partnerships, crafting long-term growth strategies, and leading the panel responsible for curating technology startups and SMEs for DevX's accelerator program. He also serves as a board member and mentor for several portfolio ventures in SaaS, mobility, cloud kitchens, media tech, and lending.

Umesh takes pride in co-owning Gujarat’s largest coworking space, where his role revolves around sourcing, negotiating, and onboarding strategic partners. He prioritizes collaborations with like-minded organizations to ensure that DevX and its portfolio companies commercialize high-value products and services that generate strong bottom-line benefits for both the company and its clients.

Before launching DevX, Umesh worked as a marketing and sales consultant for a century-old manufacturing firm in Barnsley, UK, where his critical thinking and communication skills helped him devise effective strategies and communicate them to the management team. Beyond his role at DevX, Umesh has been an active investor and mentor to many startups, guiding them from the ideation stage to growth, ensuring they gain the necessary momentum for success.

DevX - Startup Story

The founders of DevX were inspired to create the platform after recognizing a gap in Gujarat’s startup ecosystem. In 2017, three friends—Umesh Uttamchandani, Parth Shah, and Rushit Shah—identified the need for a space that could nurture and support startups in their home state. With over three decades of collective experience working in IT companies, they decided to establish something transformative in Ahmedabad, their hometown.

They all shared a common vision: Gujarat was lagging in providing a vibrant startup ecosystem that could serve as a launchpad for new ventures. This realization drove them to create DevX, to foster innovation and provide the resources and environment that startups need to grow and thrive in the state.

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DevX - Mission and Vision

Mission

The mission of DevX revolves around empowering people and businesses with the right tools, spaces, and infrastructure to enable them to perform their most meaningful work. DevX is dedicated to fostering an environment that nurtures innovation, collaboration, and productivity, ensuring that the businesses and startups they support have the foundation they need for sustained success. Their Managed Office Spaces are thoughtfully designed to promote both productivity and the well-being of employees, recognizing that people are at the heart of business growth.

Vision

DevX values a client-centric approach, placing their clients’ needs, fears, and motivations at the center of their operations. They are committed to understanding and addressing these concerns, ensuring that their clients feel supported every step of the way.

At DevX, strong opinions are encouraged, but they are balanced with flexibility. The team believes in fostering a culture of open communication and experimentation, where differing perspectives are valued and innovation thrives.

Action is another core value of DevX. They maintain a bias toward action, encouraging businesses to take steps forward and find a balance between thoughtful analysis and decisive movement.

Continuous learning and curiosity are fundamental to DevX’s culture. They believe that comfort leads to stagnation, so they constantly seek out sustainable trends and proven strategies to foster growth for both themselves and the businesses they support.

DevX - Name, Tagline and Logo

The logo for DevX is thoughtfully designed to reflect the brand's core values, blending mathematics with creativity. Featuring the brand name with a strong emphasis on the "X," it communicates a commitment to rigorous logic while encouraging innovative thinking. The gradient of green and white enhances this message, symbolizing growth and clarity. This minimalist design not only makes the logo visually appealing but also helps DevX stand out in the competitive global online market. Its clean lines and distinctive color palette position the brand as a modern and forward-thinking entity in its industry.

DevX - Business Model

DevX is a dynamic business that specializes in providing comprehensive workspaces and support tailored for startups. Its business model revolves around several key pillars:

1. Workspaces: DevX offers a diverse range of workspaces, including coworking spaces, managed offices, serviced offices, conference halls, and meeting rooms, catering to the unique needs of individuals and businesses.
2. Startup Support: Through its DevX Venture Fund and accelerator program, the company provides essential funding, mentorship, and resources for early-stage companies, fostering innovation and growth in the startup ecosystem.
3. Community: DevX cultivates a vibrant community of innovators, entrepreneurs, and game-changers, creating an environment that encourages collaboration and networking.
4. Proactive Support: The company is dedicated to offering proactive support, ensuring seamless operations and enhanced functionality of the workspaces.

DevX - Revenue Model

DevX employs a diversified revenue model to support both their coworking space operations and partnerships with property owners, enhancing profitability for landlords while maximizing their own business reach. Their revenue model comprises two primary streams: a revenue share model for landlords and operational revenue from coworking services.

Revenue Share Model

Through their revenue share model, DevX provides landlords with an 18% higher return on their properties by optimizing occupancy and managing daily operations. In this model, landlords benefit from guaranteed monthly management fees while DevX oversees the daily responsibilities, allowing landlords to focus on growing their broader business.

Management Contract

Under DevX’s management contract option, property owners receive guaranteed monthly management fees while DevX handles every operational detail, from tenant services to facility management, ensuring seamless and efficient property management.

Increased Capital Appreciation

Properties hosting DevX centers experience a significant increase in both rental and market value—up to 30% on average. This value boost is not limited to the occupied spaces alone but extends to surrounding properties as well, providing landlords with increased capital appreciation over time.

Maximized Rental Yields

DevX’s coworking model offers higher rental yields compared to traditional leasing arrangements. High occupancy rates contribute to consistent rental income, helping property owners achieve greater returns.

Rapid Occupancy in Vibrant Workspaces

DevX's dynamic coworking spaces are designed for quick occupancy, ensuring that spaces are filled swiftly and tenants often opt for extended tenancies, which increases property security and provides more predictable returns for landlords.

Pan-India Presence

With a rapidly growing presence across India, DevX consolidates revenue from multiple centers, enabling clients to establish mandates and secure workspace across various cities. This expansive reach not only benefits DevX but also gives property owners the advantage of consistent occupancy in prime markets across the nation.

DevX - Challenges Faced

A central focus for DevX's expansion is its entry into Tier II cities, where coworking is still an emerging concept. In these regions, entrepreneurs often perceive coworking spaces as lacking in privacy and security, assuming they provide open spaces with little individual control or confidentiality. Overcoming this perception and educating the local business community about the true advantages of coworking is a challenge for DevX in every new market.

To address this, DevX published a report titled "A Guide to Choosing the Right Coworking Space," aimed at dispelling common misconceptions. This proprietary report is shared with local entrepreneurs to build awareness of coworking benefits, covering essential topics and breaking down prevalent myths.

During the initial expansion phases, DevX also faced the challenge of streamlining client onboarding and operational processes. With a clear vision to integrate hospitality and technology at its core, DevX prioritized building a strong team with expertise in both fields. This team would ensure smooth, customer-centered operations. Although DevX’s first center was launched with 100% occupancy, they waited a year before opening the second. This deliberate gap allowed DevX to refine its technology, processes, product offerings, and team structure to create a stable foundation for growth.

Over time, DevX has developed robust technology solutions that support all facets of its operation. These tools aid not only customers but also extend to asset management, housekeeping, and vendor coordination, resulting in high transparency and streamlined operations across departments. This strong infrastructure ensures consistent and high-quality service as DevX expands into new markets.

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DevX - Funding and Investors

DevX has successfully secured $7 million in its third funding round, split between equity and debt, attracting investments from banks, NBFCs, family offices, and high-net-worth individuals.

DevX - Investments

DevX, with a keen focus on innovation and growth, has invested in a range of tech-driven startups across domains like SaaS, media tech, cloud kitchens, and mobility, empowering emerging businesses with capital, mentorship, and access to resources that drive scalable impact.

DevX - Mergers and Acquisitions

Through strategic acquisitions and mergers, DevX strengthens its foothold in the coworking and managed office space industry, enhancing its service offerings and accelerating growth in both domestic and international markets.

DevX - Growth

DevX, a coworking space and startup accelerator, is on a path to growth through a blend of strategic expansion, financial gains, and valuable partnerships. Here’s a look into DevX’s current trajectory:

Expansion

DevX’s growth strategy involves launching new coworking spaces in key Indian cities, including Mumbai, Gurugram, Noida, Pune, and Chennai. The company is also eyeing international markets, with plans to expand into locations like Singapore and Dubai. This expansion will allow DevX to establish a broader footprint and cater to diverse client bases.

Profitability

The company reported a financial turnaround in the 2023–2024 fiscal year, achieving a profit after tax (PAT) of INR 43.7 lakh—a substantial shift from the INR 12.8 crore loss of the previous fiscal year. This achievement reflects a steady rise in revenue, which grew 55% year-over-year to INR 108.08 crore in FY24 from INR 69.91 crore in FY23.

Strategic Partnerships

Strategic collaborations are a cornerstone of DevX’s growth. The company has formed alliances with high-net-worth individuals (HNIs), banks, and non-banking financial companies (NBFCs) to support its operational scale-up. Through these partnerships, DevX also offers resources to startups, helping them grow within the coworking ecosystem.

Fundraising

DevX recently raised $7 million in a funding round supported by both new and existing investors, with a split of equity and debt financing sourced from banks, NBFCs, family offices, and HNIs. These funds will accelerate DevX’s domestic and international expansion, asset acquisition, and the development of a proprietary proptech solution. Currently, DevX is active in 11 cities across India and filed its Draft Red Herring Prospectus (DRHP) on September 30, with plans to go public in the upcoming year.

Through these initiatives, DevX is set on a path to reinforce its role as a significant player in India’s coworking and managed office space industry, with a strong foundation for sustainable growth and innovation. 

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DevX - Advertisements and Social Media Campaigns

DevX has actively leveraged social media campaigns to drive social impact alongside brand engagement. In a standout initiative, their Diwali campaign partnered with the Swa Sarjan Foundation to distribute solar-powered bulbs to underserved communities, emphasizing the company's commitment to sustainable development and community welfare. Through this campaign, DevX not only spread festive joy but also spotlighted the importance of renewable energy.

By combining social media outreach with impactful partnerships, DevX uses its platform to engage audiences meaningfully, demonstrating the value of corporate social responsibility in its brand ethos.

DevX - Competitors

DevX faces competition from several established coworking and flexible workspace providers in India, each with unique offerings:

1. Awfis: Known for customizable workspaces, Awfis provides flexible lease terms allowing users to choose spaces for as little as an hour or a year, catering to both short- and long-term workspace needs.
2. 91Springboard: This early pioneer in the coworking industry is also recognized as an incubation center under the Government of India’s Atal Innovation Mission, fostering innovation through a strong community approach.
3. WeWork: A well-known global coworking brand with locations across India, WeWork offers a variety of amenities and workspace options with a reputation for design and community networking.
4. CoWrks: With a strong presence in India, CoWrks is known for its premium coworking spaces and community-focused events.
5. Innov8: Innov8 provides well-designed workspaces that cater to startups and professionals, focusing on aesthetic interiors and high-quality facilities.
6. Regus: Part of the global IWG network, Regus provides fully-serviced offices and meeting spaces with flexible terms, ideal for corporates and remote teams.
7. Workafella: Offers coworking spaces with full-service amenities across India, targeting growing businesses and entrepreneurs with an emphasis on professional settings.
8. Cowork by Investopad: Known for its innovation-focused spaces, this coworking option supports tech-driven startups and entrepreneurs with a vibrant work environment.
9. Smartworks: Specializes in managed office spaces with a tech-driven approach, targeting enterprises looking for scalable office solutions with a focus on productivity and employee experience.

DevX - Future Plans

DevX has ambitious plans for future growth, aiming to expand its coworking spaces, enhance infrastructure, integrate advanced technology, and reinforce corporate development initiatives:

1. Expansion: DevX is set to broaden its footprint in major cities across India, including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa and Jaipur. This expansion is part of DevX’s strategy to cater to the growing demand for coworking spaces and reach new markets.
2. Infrastructure Development: A significant portion of the funds from DevX's planned IPO will be allocated to infrastructure. They intend to invest Rs 68.95 crore in fit-outs for new centers and for required security deposits, ensuring each location meets its standards for quality and functionality.
3. Technology Investment: DevX also plans to enhance operational efficiency by investing in technology. Funds from the IPO will support DevX in implementing tech-driven solutions for workspace management, boosting productivity, and improving the experience for tenants and staff alike.
4. General Corporate Purposes: In addition to expansion and technology, DevX plans to channel IPO funds into strategic initiatives, marketing efforts, brand-building, and managing lease liabilities, further solidifying its position in the market.
5. IPO Details: DevX is preparing for an INR 125 crore IPO, consisting entirely of a fresh issue of 2.47 crore equity shares at a face value of Rs 2. The company plans to list on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), marking a significant milestone in its journey as it seeks to increase capital for its ambitious growth agenda.

These plans highlight DevX’s commitment to scaling its business across India, enhancing its offerings through technology, and establishing a strong corporate presence, supported by its anticipated IPO listing on the NSE and BSE.

FAQs

What is DevX?

DevX is an Indian co-working and office solutions provider, founded in 2017. It offers shared workspaces, private offices, and customized setups for startups, freelancers, and companies.

Who are the owners of DevX?

Rushit Shah, Parth Shah, and Umesh Uttamchandani founded DevX.

Who are the main competitors of DevX?

Awfis, 91Springboard, WeWork, CoWrks, Innov8, Regus, and Workafella are a few main competitors of DevX.