Dev Accelerator Limited Announces ₹35 Crore Fundraise to Expand Ahmedabad Workspace Footprint
Ahmedabad, March 24, 2026: Dev Accelerator Limited (NSE: DEVX; BSE: 544513) announced today that its Board of Directors has approved a fundraise of up to ₹35 Crores through the preferential issuance of Convertible Warrants and Equity Shares to both Promoters and a Non-Promoter investor, subject to shareholder approval and applicable regulatory compliances.Promoters of the company are participating in the fundraise with a capital infusion of up to ₹15 Crores through Convertible warrants, while a Non-Promoter investor will subscribe to the balance up to ₹20 Crores through equity shares.
The proceeds from the fundraise will be used for the payment of an Interest Free Refundable Security Deposit of ₹35.10 Crores to secure a managed workspace in Ahmedabad. Dev Accelerator Limited has entered into a Letter of Intent (LOI) for approximately 4,50,000 sq. ft. of space in a to-be-constructed building named "Winston," located on Bopal-Ambli Road, Ahmedabad. The center will operate under DevX's Straight Lease Model.
According to Umesh Uttamchandani, Managing Director of Dev Accelerator Limited, the Winston center represents a significant step in prioritizing the Ahmedabad market, which is experiencing strong demand for high-quality managed workspaces.
“As promoters, we have chosen to directly participate in this fundraise because we have strong conviction in DevX's business model and the growth trajectory ahead,” Uttamchandani stated.
Dev Accelerator Limited is an enterprise-focused, full-solution managed workspace platform. The company designs, builds, and operates custom offices end-to-end, covering site selection, fit-outs, technology integration, and facility management under a single SLA. DevX operates 28 centres across multiple Indian cities with over 14,000 seats and 8.6 lakh sq. ft. under management.
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