DevX To Raise ₹35 Cr From Founders, Infibeam Projects
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Coworking space provider DevX (Dev Accelerator) plans to raise fresh capital from Infibeam Avenues’ subsidiary Infibeam Projects Management and its cofounders within six months of listing on the exchanges.
The company’s board today approved issuance of up to 33.33 Lakh warrants to promoters and cofounders Parth Shah, Umesh Uttamchandani and Rushit Shah for ₹45 apiece, translating to a total investment of ₹15 Cr.
The warrants can be exercised, in one or more tranches, within a period of 18 months from the date of allotment. Currently, all three cofounders hold about 62 Lakh shares, or 6.87% stake, in the company.
The board also approved the issuance of up to 44.44 Lakh equity shares to Infibeam Projects Management for ₹45 each. With the ₹20 Cr investment, the Infibeam subsidiary will own a 4.7% stake in DevX, excluding the warrants.
The move would be subject to shareholders’ approval. The company didn’t specify the reason behind the capital raise.
The fundraise comes a couple of months after DevX extended the redemption timeline of 35.77 Lakh non-convertible, non-cumulative, non-participating, redeemable preference shares issued to its promoter entity Dev Information Technology Ltd (DevIT) by five years, pushing the maturity to March 2031 from March 2026.
Later in February, DevX’s board also approved the sale of a 38% equity stake in its subsidiary Scaleax Advisory to DevIT for ₹3.8 Cr, effectively transferring the holding to its promoter entity.
The Ahmedabad-based coworking space provider went public in September 2025, raising ₹143.35 Cr from its fresh issue only initial public offering (IPO).
On the financial front, DevX slipped into the red in Q3 FY26, posting a consolidated net loss of ₹1 Cr as against a profit of ₹69.5 Lakh in the same quarter last year. Operating revenue increased 19% to ₹59.2 Cr from ₹49.7 Cr in the corresponding quarter of the previous year.
Shares of DevX ended today’s trading session 2.16% lower at ₹36.18 on the BSE.
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