Managed office provider DevX has launched its second co-working space in Mumbai sprawling across 30,000 square feet (sq ft) in Andheri East.
The space offers 400 seats with an investment of Rs 3.2 crore. DevX will further expand this with additional 50,000 sq ft within one year.
The company which manages about 7 lakh sq ft across 11-plus cities also plans to double its India portfolio by investing Rs 60 crore within the next 18 months.
Umesh Uttamchandani, Co-Founder, DevX told Moneycontrol, "The company will additionally deploy USD 10 million within 18 months for more development in India and also expand three centres globally with a development 50,000-60,000 sq ft. We have recently signed up in Ahmedabad for a 3.5 lakh sq ft development and 25,000 sq ft of development in Jaipur. We are also foraying into southern India like Chennai and Trivandrum over the next few months."
Uttamchandani added currently the company has 15,000 seats and the company is looking forward to adding about 11,000 seats in the next year.
About two months back, the company raised USD 2.5 million internally.
India CEO of Tim Hortons, Navin Gurnaney, said the company is very enthusiastic, selective and possessive about the work environment, culture and vibe – which the DevX team absorbed and delivered. "From this Mumbai centre we look forward to expanding rapidly across India," he added.
Speaking about the launch, Satyanarayan Goel, Chairman and MD, of Indian Energy Exchange, reiterated that managed workspaces offer futuristic solutions for organisations to optimise resources and focus on building their business. "I am confident that the world-class facilities and infrastructure provided by the DevX centre will enhance our team’s coordination and collaboration, leading to increased productivity and satisfaction," he added.
A report by Qdesq and JLL titled 'Indian Office market: Recalibrating with Flex' said, the flex footprint is expected to grow to nearly 75 million sq ft by 2025 from 40 million sq ft. Also, 73 percent of the office occupiers in India are evaluating hybrid working arrangements going forward. Out of the total flexible seats leased out in 2021-22, 62 percent accounted for managed office space.
DevX is a co-working space cum accelerator founded in September 2017 by three entrepreneurs Rushit, Umesh and Parth with one listed entity, Dev Information Technology Ltd.
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