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DevX launches 400 flexible work seats in Mumbai

Gujrat based co-working and accelerator platform DevX has recently launched 400 flexible work seats in Andheri East, Mumbai. The company was set up in September 2017 by four entrepreneur friends Umesh Uttamchandani, Jaimin Shah, Rushit Shah and Parth Shah. The company raised USD 2.5 million in a closed internal round of funding a couple of months ago. 
The new space launched in Mumbai spans across 30,000 square feet and is valued at Rs 3.2 crores. The company hopes to increase its presence in Mumbai to 50,000 square feet in the near future. At present, the company oversees approximately 7 lac square feet of space across the country in over 11 cities with investments to the tune of Rs 60 crores in the pipeline. Having recently signed contracts in Ahmedabad and Jaipur for 3.75 lac square feet collectively, the company is looking to now expand to the southern cities of Trivandrum and Chennai. As of now the company has 15,000 seats with places to double this number by the end of the next year.
According to a report published QDesq and JJL, the flexi footprint in CRE is anticipated to increase to 75 million square feet by 2025 from the current 40 million square feet already present. More than 73 per cent of office users in India are seriously considering hybrid working arrangements for the future indicating robust future demand.

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