In 2017, three young professionals, Parth Shah, Umesh Uttamchandani, and Rushit Shah, started an office space leasing company called Dev Accelerator LLP in Ahmedabad. Beginning with a 49,000 sq ft centre, the firm has now added several centres and resources and is one of India’s largest flex space operators in terms of operational flex stock in Tier II markets.
The crux of DevX’s business is in its managed office space solutions, which accounted for nearly 58.77 per cent of FY25 revenues. “Our business model enables the company to oversee every stage of project delivery, from design and space planning to procurement and handover, ensuring quality control and speed to market. It is this comprehensive execution capability that sets DevX apart from competitors in a segmented market,” says Parth Shah, Chairman and Wholetime Director, DevX.
“Another core strength is its unique real estate strategy, combining straight lease models, revenue share model, furnished space model and OpCo Propco model. This mix balances capital efficiency with control over customer experience,” says Umesh Uttamchandani, MD, DevX.
While many flex operators remain heavily dependent on start-ups, DevX has a client base of 468, which includes large corporates, SMEs, and global capability centres (GCCs). This broader mix shields the company from demand shocks.
Strategic differentiators
Rushit Shah, Wholetime Director, DevX, says: “DevX’s growth strategy comprises three pillars: enterprise-first approach, Tier II expansion, and integrated facility management service. Most of their deals encompass over 150 seats and give average lease tenures of 5-9 years. This way, the company locks in longer contracts and predictable cash flows.”
The company is evaluating potential geographies and cities for expansion into new and existing markets. With a footprint of 860,522 sq ft and 13,759 seats in markets such as Ahmedabad, Indore, Jaipur, Udaipur, and Vadodara, DevX has become a leading operator in Tier 2 cities. Alongside being one of the largest operators, it maintains an impressive average occupancy rate of 88 per cent across all its centres.
The company believes in ramping up IT infrastructure, for which it uses tech-based tools to provide customised workspaces for every client, aligned with the virtual walkthrough of approved designs. “DevX also deploys digital tools such as seamless connectivity between software, easy access to dashboards and analytics, and login access to all stakeholders to ensure transparency, which further differentiates DevX as more than just a real estate provider,” adds Uttamchandani.
As of 31 May 2025, DevX has a footprint of over 860,522 sq ft SBA across 11 cities with 28 centres, maintaining an occupancy rate of nearly 88 per cent. DevX’s financial performance reflects its rapid scaling. Revenue from operations grew nearly fourfold, from Rs699.11 million in FY23 to Rs1,588.75 million in FY25, with a CAGR of 50.75 per cent from FY23 to FY25. EBITDA rose from Rs298.81 million in FY23 to Rs804.57 million in FY25, while margins improved from 42.74-50.64 per cent. The company turned profitable in FY24 with a restated profit of Rs4.37 million, which surged to R17.73 million in FY25, reflecting its operational discipline.
Between FY23 and FY25, DevX’s super built-up area, operational seats, and centres grew at CAGRs of 15.47 per cent, 16.3 per cent, and 23.6 per cent respectively. “This was achieved despite the onset of the Covid-19 pandemic, when many landlords and operators struggled with frequent tenant exits. DevX resorted to offering hybrid work solutions to companies seeking enterprise-like managed offices,” says Parth Shah.
Analysts highlight that DevX has carved a niche as a Tier II market leader in managed workspaces with strong occupancies and enterprise-focussed solutions. Supported by Dev Information Technology Limited, DevX benefits from strong operational support and a diverse client base.
Further, to fuel growth, Rs731.16 million from the IPO proceeds will support eight new centres, under the straight lease model and furnished-by-the-landlords model, spanning over 940,961 sq ft in cities in India and abroad. Also, Rs350 million from the net proceeds will be used for repayment and prepayment of certain borrowings availed by the company, including redemption of NCDs.