Flexi space provider eyes tier-2 and -3 cities; plans to foray into international market
Mumbai: Managed office space provider DevX is looking to double its portfolio to over 2 million square feet over the next two years with focus on tier-2 and tier-3 cities, as adaption of distributed workforce option by larger enterprises leads to arise in demand, said a top company executive.
The company currently has operational centres in key cities like Mumbai, Pune, Hyderabad, Noida, Raipur, Jaipur and Ahmedabad.
Last week, it set up a new co-wor- king centre spread over 25,000 squa- re feet with 300 seats in Udaipur.
DevX is also working on plans for its foray into the international market, starting with Dubai and Singapore.
“India’s next wave of growth will come from tier-2 and -3 cities,” said Umesh Uttamchandani, co-founder, DevX. “These markets have all the requisite factors-aspirations, op- portunities, diversity of talent and hunger for growth and DevX in- tends to partner with our clients to harness them.”
“With our stated business goal of being the partner of choice for multinational firms, GCCs (global capability centres) and ODCs (offshore development centres), we are excited about the future of the Industry,” Uttamchandani said.
DevX recently raised funding worth $7 million through a mix of equity and debt capital, which will be deployed for further national and global expansion.
Started in 2017, the company has 1.02 million assets under management with presence across 10 cities in India with 27 centres.
DevX is also setting up Deakin Unifversity’s India campus in GIFT City in Gujarat, making it the first in. stance of an international university to set up a campus in the country.
The company has partnered with Nila Infrastructure for the const. ruction, while DevX itself will conceptualise, design, build and deliver the state-of-the-art futuristic 25,000 square feet university campus.
Owing to the increased need for adaptable workspace solutions from large corporations and dyna. mic startups globally, the Indian market has emerged as one of the fastest-growing hubs for flexible office spaces, particularly in the after- math of the Covid-19 pandemic.
Several factors, including the expansion of startup ventures, evolving work environments and the requirement for economical and versatile solutions, have been contributing to the escalating demand for flexible office spaces.
Source- The Economic Times
