What DevX does

DevX (legal name Dev Accelerator Limited) is a publicly listed Indian managed office space and coworking operator headquartered in Ahmedabad, Gujarat. Founded in September 2017 and listed on NSE and BSE in September 2025 following an IPO that raised INR 143.35 crore, the company operates 28 centers across 12+ Indian cities including Ahmedabad, Vadodara, Rajkot, Indore, Jaipur, Mumbai, Pune, Hyderabad, Noida, Udaipur, GIFT City, and, as of June 2026, Bengaluru — with a notable concentration in Tier 2 markets where commercial real estate supply is thinner. Its portfolio spans Managed Offices (fully serviced, custom-built private workspaces), Coworking Spaces (flexible hot-desk and dedicated-desk memberships), and ancillary add-ons including meeting, conference, training, and event rooms. DevX also operates a Landowner-First Development Management (DM) model under which it manages workspace development and operations while landowners retain 100% ownership.

The company's customer base spans large enterprises and GCCs (Global Capability Centres), SMEs, and startups, with named logos including Persistent Systems, Zomato, HDFC Credila, BASF, Thomson Reuters, and various professional services firms. Revenue is generated primarily through recurring long-term rental and membership fees, supplemented by development management fees and event/add-on revenue. The company is expanding its ecosystem through sub-brands Phi Designs (office interiors), Momentum91 (digital services), and DevX VF (capital investments), alongside the wholly-owned Scaleax Advisory subsidiary.

Underpinning operations is an AI-powered technology substrate branded DevXplore AI, which the company describes as turning operational data from millions of square feet into intelligence for space optimization, member experience, and prospect tracking. The 2026 DevXplore AI hackathon produced 25+ prototypes and 15+ production-ready automation workflows spanning finance (TDS/GST reconciliation), HR (multilingual onboarding), sales (prospect intelligence), and legal/operations functions. DevX relies on third-party AI platforms including Lovable, Claude, and Base44 rather than proprietary foundational models, and the company's AI deployment is primarily internal-facing rather than productized for external sale. Go-to-market is sales-led enterprise field sales supplemented by website enquiries and broker/landlord channel partnerships, with the company holding ISO 9001:2015 and ISO 27001:2013 certifications to support enterprise and GCC procurement requirements.

Name

DevX

Legal name

Dev Accelerator Limited

Website

https://devx.work

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

DevX (Dev Accelerator Limited) is an India-based, publicly listed managed office and coworking operator serving enterprises, SMEs, startups, and GCCs across 12+ cities, with a strong Tier 2 footprint and AI-powered operational platform.

Ownership category

akta.pro rank

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Managed Office Space Rental: Long-term lease agreements with enterprises for fully managed office spaces. DevX provides end-to-end office management including design, fit-out, maintenance, and operations. Revenue is recurring through monthly/annual rental payments.
2. Coworking Space Memberships: Flexible coworking memberships and hot-desk access for startups, SMEs, and enterprise teams. Revenue is generated through monthly membership fees and pay-per-use charges.
3. Development Management Fees: Fees charged for managing commercial real estate development projects for landlords and property owners, including project oversight and operational management.
4. IPO Proceeds: Capital raised through initial public offering in September 2025, raising ₹143.35 crore. Proceeds intended for expansion and debt repayment.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

DevX (Dev Accelerator Limited) provides fully managed office spaces and flexible coworking solutions for enterprises, SMEs, startups, and Global Capability Centres (GCCs) across 12+ Indian cities. The company delivers end-to-end office management including location selection, design, fit-out, build, and ongoing operations under a 4-step process. It also operates a Landowner-First Development Management model where landowners retain 100% ownership while DevX manages workspace development and operations. Revenue is generated through recurring rental/membership fees and development management fees.

Product overview

DevX is a managed office space and startup accelerator provider offering flexible workspace solutions. The company operates a multi-offering platform consisting of Managed Offices (fully serviced private workspaces), Coworking Spaces (flexible shared offices), Meeting/Conference/Training/Event Rooms, and a Development Management Model (landowner-first partnership). The portfolio also includes specialized GCC Vertical for global capability centres. An AI-powered technology substrate powers the ecosystem, and the company recently launched DevXplore AI for internal innovation. DevX is listed on NSE and BSE (Dev Accelerator Limited) and operates 28 centers across 12+ Indian cities with over 17,000 seats and 1.2 million sq ft under management.

Differentiator

Problem solved

Functional benefit

Brands

• Phi Designs: Office interior design services under DevX Group
• Momentum91
• DevX VF

Products and services

• Managed Offices Fully serviced, customizable private workspaces designed for growing teams. DevX handles end-to-end management including location selection, custom office design, build and execution, fit-out, and ongoing office management. Includes on-site amenities, dedicated support, and flexible lease terms, providing a turnkey experience for enterprises and GCCs.
• Coworking Spaces Shared office spaces offering flexible seating options including hot desks, dedicated desks, and private office suites. Designed for teams of all sizes with access to meeting rooms, event spaces, and community networking opportunities. Targeted at startups, SMEs, and enterprise teams.
• Meeting Rooms On-demand meeting rooms equipped with AV facilities for seamless presentations and client meetings. Available across all DevX locations with flexible booking options.
• Event Spaces Versatile event spaces designed for workshops, tech sessions, corporate gatherings, and entrepreneurial events. Flexible setups with advanced facilities and modern design.
• Conference Rooms Modern conference rooms with advanced audiovisual equipment for business meetings, training sessions, and corporate presentations.
• Training Rooms Dedicated training areas equipped with necessary facilities for corporate training programs and skill development sessions.
• Development Management Model Innovative Landowner-First Development Management model where landowners retain 100% ownership while receiving 20-30% higher returns than traditional leasing. DevX manages the entire workspace development and operations, unlocking workspace across multiple centers.

Quantifiable outcome

• DevXplore AI 2026 hackathon generated 25+ working prototypes and 15+ production-ready automation workflows for coworking operations

Named customers9 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature3 records

Partnerships

One partnership is on record.

• Prestige GroupcoreStrategic or Co-development PartnerPrestige Group, one of India's leading real estate developers, has partnered with DevX to enable DevX's entry into Bengaluru. The partnership provides DevX access to premium commercial spaces in Bengaluru's key business districts, allowing DevX to serve enterprise clients and GCCs in India's technology capital.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Awfis: India's largest listed coworking and managed office operator with pan-India presence across Tier 1 and Tier 2 cities. Directly competes with DevX on enterprise managed offices, coworking memberships, and GCC deals; comparable scale and target customer base.
• IndiQube: Bengaluru-headquartered managed office operator listed on Indian exchanges, with strong presence in southern India and a similar enterprise/GCC focus. Overlaps significantly with DevX in serving large enterprises seeking turnkey office solutions.
• WeWork India: Indian arm of the global coworking brand operating premium flexible workspaces in major Indian metros. Competes head-on with DevX in the enterprise managed office and coworking segments in Mumbai, Bengaluru, and other Tier 1 cities.
• Smartworks: Indian managed office and coworking provider serving large enterprises and GCCs across multiple cities. Comparable target segments (enterprise, GCC) and product offering (managed offices + coworking).
• CoWrks: Premium coworking and managed office operator in India focused on enterprise and startup segments. Directly overlaps with DevX's coworking and managed office offerings in shared target markets.
• 91springboard: Coworking and flexible workspace provider in India with a strong startup and SMB focus. Comparable to DevX's coworking membership segment, though smaller and less enterprise-focused.

Regional players

• The Executive Centre: Premium serviced office and coworking operator with strong presence across Asia-Pacific (Hong Kong, China, Singapore, India). Comparable premium enterprise offering and GCC servicing capability, though primarily competing outside DevX's Tier 2 core markets.

Emerging players

• Skootr: Indian managed office and coworking provider focused on enterprise clients in select metros. Smaller and less geographically diversified than DevX but competes in the same managed office product category.

Broad incumbents

• Mindspace Business Parks REIT: Listed Indian REIT specializing in Grade A commercial office properties leased to large enterprises. While a property owner rather than operator, Mindspace competes for the same enterprise occupiers and sets the benchmark for premium commercial office supply.

Others

• Prestige Group: Major Indian real estate developer and a strategic partner of DevX for Bengaluru entry. Provides Grade A+ office assets that DevX manages; relevant as both a critical distribution partner and a comparator for prime commercial real estate supply.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/devx_work
• YouTubeyoutube.com/@devx.coworking
• LinkedInlinkedin.com/company/devx.work
• Instagraminstagram.com/devx.work
• Facebookfacebook.com/DevX.Work

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments11 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DevX