DevX, a coworking space provider, is set to raise ₹35 crore through fresh capital from Infibeam Avenues’ subsidiary, Infibeam Projects Management, along with its cofounders.
The company's board has approved the issuance of up to 33.33 lakh warrants to cofounders Parth Shah, Umesh Uttamchandani, and Rushit Shah at ₹45 each, totaling an investment of ₹15 crore.
These warrants can be exercised in one or more tranches within 18 months from the date of allotment. Currently, the three cofounders collectively hold approximately 62 lakh shares, representing a 6.87% stake in DevX.
Additionally, the board has sanctioned the issuance of up to 44.44 lakh equity shares to Infibeam Projects Management at ₹45 each. This investment of ₹20 crore will grant the Infibeam subsidiary a 4.7% stake in DevX, excluding the warrants.
This capital raise is pending approval from shareholders, and the company has not disclosed the specific reasons for the fundraising.
Recently, DevX extended the redemption timeline of 35.77 lakh non-convertible preference shares issued to its promoter, Dev Information Technology Ltd, by five years, now maturing in March 2031.
In February, DevX's board also approved the sale of a 38% equity stake in its subsidiary, Scaleax Advisory, to DevIT for ₹3.8 crore, effectively transferring ownership to its promoter entity.
DevX went public in September 2025, raising ₹143.35 crore through its initial public offering (IPO).
On the financial side, DevX reported a consolidated net loss of ₹1 crore in Q3 FY26, compared to a profit of ₹69.5 lakh in the same quarter last year, despite a 19% increase in operating revenue, which rose to ₹59.2 crore.
As of the latest trading session, DevX shares closed down 2.16% at ₹36.18 on the BSE.
