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.