Other Deals - Listed Firms
Co-working space provider DevX to raise Rs.35-Cr from founders, Infibeam Projects
Ahmedabad-based DevX (Dev Accelerator) to raise INR 35 crore from Infibeam Projects Management, a subsidiary of Infibeam Avenues, and its co-founders Parth Shah, Umesh Uttamchandani, and Rushit Shah. The company would issue 33.33 lakh warrants to its co-founders for INR 15 crore and 44.44 lakh equity shares to Infibeam Projects Management for INR 20 crore.DevX is a coworking space provider. The warrants can be exercised within 18 months of allotment, and Infibeam Projects Management will hold a 4.7% stake in DevX, excluding the warrants.
Between Apr 2023 and Feb 2024, DevX had attracted about USD 10 M from Bidiwala Family Office , Gala Family Office, Urmin Family Office and others.For FY24, DevX had reported about INR 99 Cr in Operating Income and about INR 0.5 Cr in PAT.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
